Addis Ababa, Ethiopia — Ethiopia has reached a historic milestone in international financial governance. Former Governor of the National Bank of Ethiopia (NBE), Mamo Mihretu, has been awarded an A- grade in Global Finance magazine’s 2025 Central Banker Report Cards. This distinction marks the highest rating ever achieved by an Ethiopian central banker, placing the country firmly on the global stage of monetary leadership.
The Central Banker Report Cards, published annually since 1994, evaluate the performance of central bank governors from over 100 countries. The assessment covers inflation control, economic growth, currency stability, interest rate management, and policy independence. Mihretu’s A- grade reflects both the breadth of reforms he initiated and the resilience demonstrated during his tenure from January 2023 to September 2025. His recognition positions Ethiopia alongside the world’s most respected central banking systems, signaling a profound shift in how the nation’s economic stewardship is perceived internationally.
Mihretu assumed office at a period marked by acute macroeconomic pressures, including high inflation, persistent foreign exchange shortages, and a rigid financial sector. His administration pursued a comprehensive reform agenda that shifted the country toward market-based exchange rate mechanisms, introduced tighter monetary policy to reduce inflationary pressures, modernized financial oversight to enhance transparency, and, for the first time in decades, opened Ethiopia’s banking sector to foreign investors. These measures began to yield tangible results, with inflation showing a downward trend and foreign exchange reforms strengthening confidence among both domestic and international investors.
The achievement places Ethiopia within an elite group of African countries recognized for central banking excellence. The 2025 rankings highlighted six African governors: Kamau Thugge of Kenya and Abdellatif Jouahri of Morocco, both of whom received an A grade; Mamo Mihretu of Ethiopia, Lesetja Kganyago of South Africa, Michael Atingi-Ego of Uganda, and Hassan Abdalla of Egypt, each of whom earned an A- grade. His inclusion in this distinguished list situates Ethiopia alongside some of the continent’s most advanced financial systems and underscores its growing prominence in regional and global monetary governance.
Mihretu stepped down from the governorship on 3 September 2025, shortly before the recognition was announced, and was succeeded by H.E. Dr. Eyob Tekalign (PhD), a seasoned policymaker and former State Minister of Finance. The timing of the accolade, coinciding with his departure, underscores the enduring impact of his tenure. It cements his reputation as one of Ethiopia’s most consequential central bankers, credited with laying the foundation for economic modernization, restoring investor confidence, and guiding Ethiopia toward a more disciplined and transparent monetary framework.
Mamo Mihretu’s A- grade not only distinguishes his individual leadership but also affirms the growing credibility of Ethiopia’s central banking reforms. The recognition demonstrates that the country’s monetary policy framework is aligning with global best practices and achieving results that withstand international scrutiny. As Ethiopia continues its reform journey under new leadership, the achievement provides a benchmark for sustaining macroeconomic stability, advancing financial sector modernization, and strengthening the country’s position within the global financial system.
