“We live in uncertain times. The global economy continues to experience high levels of unpredictability, concessional funding has become more selective, climate risks are intensifying, and small, open economies like ours face external vulnerabilities that demand constant vigilance and prudent policies,” stated Agostinho Fernandes.
The new governor advocates that “in a context where inflation remains persistent, where credit to the economy requires higher quality, and international reserves demand meticulous management to ensure the maintenance of currency parity with the euro, São Tomé and Príncipe needs a competent, independent, and predictable Central Bank.”
The former São Toméan Minister of Economy outlined objectives to “strengthen the anchorage of monetary policy, preserving the credibility of currency parity and promoting low and stable inflation, consolidating the supervision of the financial system.”
He also highlighted the prudent management of international reserves, “ensuring adequate liquidity and reducing external vulnerabilities, and modernizing payment systems technologically, expanding financial inclusion, increasing efficiency, and protecting the emerging digital ecosystem.”
Agostinho Fernandes emphasized that his leadership vision aims to transform the Central Bank “into an institution recognized for its technical competence and independence, moral integrity, and social utility” and that “communicates clearly, decides based on evidence, fulfills its mission, and inspires confidence” both domestically and internationally.
The Central Bank Governor specified that his mandate would be guided by four non-negotiable principles, namely technical independence, ensuring that “no Central Bank decision will be driven by external pressures, only by data, analysis, and principles of prudence.”
He also promised transparency and communication, ensuring that “the Central Bank will speak clearly, explain its decisions, and reinforce the predictability of monetary policy” along with responsibility and public ethics, whereby “laws, rules of conduct, incompatibility, and integrity will be observed exemplarily, from top to bottom.”
The fourth principle defined by Agostinho Fernandes is the appreciation of human capital, “the greatest asset of the Central Bank,” promising to invest “in training, cultural transformation through mindset change, meritocracy, and working conditions that favor excellence.”
Fernandes ensured “our willingness for loyal and responsible institutional cooperation with the Government,” the National Assembly, and international partners, “always respecting the separation between fiscal policy and monetary policy, an essential pillar for the Central Bank’s credibility.”
The Prime Minister, Américo Ramos, who served as the Governor of the Central Bank until he assumed leadership of the Government in January, welcomed the new members of the Central Bank Administration and assured that the Government “will be available to collaborate, work together and enable São Tomé and Príncipe to perform well in its economic and financial policy.”
The Prime Minister added that the non-executive commission members should take office soon, following the approval of the new proposal that the Government submitted to parliament.
