Africa’s most competitive economy, Mauritius, has appointed Ramesh Basant Roi as its new Central Bank governor. This is according to a report by Reuters.

Roi’s appointment came days after the long serving Rundheersing Bheenick was sacked by the newly installed government. “He has served at the Bank of Mauritius for 30 years. It was the best possible choice,” Finance Minister Seetanah Lutchmeenaraidoo told the news agency.

Bheenick, who was last week dismissed with one of his deputies, Mohamad Issa Soormally, also informed Reuters of his dismissal on Friday. “My contract has been terminated with immediate effect. I have received a letter from the secretary of the President of the Republic,” he said.

In his seven years at the helm of affairs at the apex bank, Rundheersing has seen Mauritius’s financial sector to become one of the best in Africa. The small island country’s financial and insurance activities, monetary intermediary, financial leasing & other credit granting, as well as insurance, reinsurance and pension contributes a total of 19.8 percent to GDP.

Bheenick believes he deserved to remain as the central bank’s governor. He has therefore hinted he could appeal the new administration’s decision.

Roi’s appointment makes it the second time he is leading the bank. He was governor from 1998 to 2006, after joining the bank in 1976.