PM announces three new members of BPNG board

PRIME Minister and Treasurer James Marape announced yesterday the introduction of distinguished new members to the board and management of the Bank of Papua New Guinea.
These strategic appointments, sanctioned by Cabinet last week, align with the government’s vision of fortifying the nation’s financial architecture through seasoned leadership.
In a notable move, the former CEO of Bank South Pacific, Sir Robin Fleming, together with Mark Baker, who served as the country head for ANZ Bank, and Dairi Vele, the former Treasury secretary, have been appointed to the BPNG board.
Adding to the depth of experience, Jeffery Yombon, a veteran BPNG manager and assistant governor, has ascended to the role of deputy governor.
The appointments mark a significant step in the Government’s commitment to economic resilience and financial stability, poised to navigate the Bank of Papua New Guinea through its next phase of development and beyond.
“Cabinet has resolved to bolster the Central Bank with seasoned professionals, particularly those familiar with our financial sector and the bank’s monetary policy,” Prime Minister Marape said.
“We acknowledge and thank these gentlemen for their willingness to serve in these merit-based roles. We are eager to collaborate with the board, management, and Governor Elizabeth Genia to meet the pressing economic needs of our nation.”
Highlighting the government’s proactive stance, Marape shared, “Our administration has initiated reforms at the BPNG aimed at enhancing the banking and financial sector.
“These include addressing critical challenges such as the prevailing foreign exchange constraints.”
Reflecting on past reforms, he noted, “Significant strides have been made since the last overhaul by former Prime Minister, Sir Mekere Morauta, in 2000.
“Our economy, since then, has grown from under K15 billion to over K110 billion, substantially increasing BPNG’s workload.”
The Prime Minister underscored a pivotal change in governance, stating, “Unlike before, the BPNG Governor now reports to the board, ensuring proper oversight and alignment with our goals to strengthen the bank’s monetary policy and, by extension, the economy.”
Amid these enhancements, Prime Minister Marape reaffirmed the Central Bank’s autonomy, emphasising a distinct separation between the Treasury’s fiscal policy and the Central Bank’s monetary policy.
“This reformation, inclusive of appointing highly capable and literate individuals to the board and management, is geared towards fulfilling the heightened expectations placed on the Central Bank to propel economic growth,” Marape said.