Son of the agronomist Alfredo Ferrero Rebagliati and Adelina Costa Elice, he was born in Lima in 1941, a few days later his family moved to Pisco, Ica.

His brother, lawyer and diplomat Eduardo Ferrero Costa, was Chancellor during Alberto Fujimori's second government.

His brother was Eduardo Ferrero Costa who is the former Ambassador (and former Minister of Foreign Affairs under the Fujimori Administration) in the United States.

He entered the Department of Economic Studies and followed training at the International Monetary Fund in Analysis and Financial Policy (1967).

Ferrero was administrative manager of the BCR (1976–1980) and president of the Peruvian part of the Puyango-Tumbes Binational Commission (1978–1980).

On 13 January 2004, he appeared before the Congress of the Republic to present the general policy of the government and ask for the vote of confidence (or also called the investiture).

Ferrero addressed the congressmen and announced that the government would meet the growing social demands and that it would follow the lines that the Toledo government proposed since July 2001: improving institutions, reducing poverty, strengthening trade and the economy, reform and modernization of the State and fight against corruption.

He resigned abruptly on 11 August 2005, when president Alejandro Toledo appointed Fernando Olivera as Minister of Foreign Affairs.