Tanzania has lost former Central Bank Governor Benno Ndulu who died on Monday, according to the East African publication.
Quoting his personal assistant Msafiri Nampesya, to the weekly publication reported that the ex-governor was admitted for more than 10 days before he died.
Benno Ndulu was born on January 23, 1950 and was appointed to the position on 8, 2008.
Ndulu was appointed central bank governor after the sacking of his predecessor, Daudi Ballali, in 2008 following widespread graft allegations at the institution. He worked to rebuild public trust and confidence in Tanzania’s central bank.
He presided over strong economic growth averaging 7 per cent a year while bringing down the annual inflation rate to single-digit levels from a peak of 20 per cent in December 2011.
Ndulu is credited with implementing prudent policies and overseeing macroeconomic stabilisation that have underpinned Tanzania’s strong economic performance.
Analysts say major challenges the governor faced include reining in the country’s external current account deficit. Preserving fiscal and debt sustainability as the country embarked on major infrastructure projects.
Ndulu supported the expansion of financial inclusion by licensing more commercial banks, helping introduce agent banking and tapping into the growth of mobile financial services.
Under his stewardship, the central bank licensed the country’s first two credit reference bureaux in a bid to reduce risks of lending and boost credit to the private sector.
Ndulu, who had a doctorate from Northwestern University in the United States, was deputy governor for less than a year before he was made governor. He previously worked for the World Bank’s macroeconomic division covering east Africa.
He taught economics at the University of Dar es Salaam and helped set up the think tank African Economic Research Consortium. His research and teaching work covers macroeconomics, regional integration, trade and investments.