Wikipedia

Bank of Ghana

central bank for Ghana

De Bank of Ghana (wey dem dey abbreviate am as BoG) be de Central Bank of Ghana. Edey Accra insyd wey dem establish am insyd 1957.[1] De Bank of Ghana get Seven Regional Offices plus ein head office wey dey insyd Accra. De regional offices dey for de cities wey dey follow, Hohoe, Kumasi, Sunyani, Tamale, Takoradi, Bolgatanga, Wa. De regional offices be responsible for implementing de policies den directives of de Bank of Ghana for dema respective regions. Dem san dey provide banking services to de government, financial institutions, den de public.[2]

Bank of Ghana
central bank
Year dem found am1957 Edit
Official nameBank of Ghana Edit
Short nameBOG Edit
CountryGhana Edit
Government ein headErnest Addison Edit
Demma headquarters locationAccra, Central Accra Edit
Dema official websitehttp://www.bog.gov.gh/ Edit

De bank be active say ego develop financial inclusion policies wey esan be member of de Alliance for Financial Inclusion.[3][4][5]

Establishment of de Bank of Ghana

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Dem formally establish de Bank of Ghana for 4 March 1957, just two days before Ghana ein declaration of political independence.[1][4][6] Ebe de British Parliament wey pass de Bank of Ghana Ordinance (No. 34) of 1957 so say dem go make am official.[1] By mid-July 1957, dem complete all necessary preparations for de official inauguration for de Bank ein new Head Office wey dey for de High Street.[4]

Since 1957, de Bank of Ghana get experience for various legislative changes.[1] De original Bank of Ghana Ordinance (No.34) of 1957 dem replace am by de Bank of Ghana Act (1963), Act 182, wey later dem amend am by de Bank of Ghana (Amendment Act) 1965, (Act 282). Eventually, de Bank of Ghana Law, 1992 PNDCL 291, dem consolidate de legal framework for de bank by repealing both Acts 182 and 282.[4][5]

History

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De Central Bank of Ghana trace ein roots to de Bank of the Gold Coast (BGC) anaa Ghana Commercial Bank, wey dem nurtured am cam dat far. As soon as local politicians den economists see say political independence dey for de mid-1950s de agitation for central bank wey dem revive am. Dem dey argue say de central bank be one institution wey ego give true meaning to political independence. You go fi remember say way back insyd 1947, some leading politicians call say dem for establish national bank, plus central bank functions say ego act as banker to government den ego cater for de indigenous sector of de economy.[7][8]

Plenty proposals cam from advocates say make dem accept central bank insyd early 1955, government set up anoda select committee say make dem take a new look at de Trevor Report den prepare de grounds give de establishment of a central bank for Ghana. De BGC dey already set de stage for central banking: all dat dem need be specially trained personnel insyd central banking den suitable accommodation give de bank for am to take off.[4]

By de end of 1956, all for set give de establishment of de Bank of Ghana. A new den modern five-storey building wey dem put up for de High Street, adjacent to de Accra Metropolitan Assembly (AMA) say ego house both de Bank of Ghana den de Ghana Commercial Bank (GCB).

Insyd March 2012, de Bank of Ghana announce say edey go make specific commitments to say financial inclusion wey dey under de Maya Declaration.[9][10]

Governance of de Bank of Ghana

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De first governor of de bank be Mr. Alfred Eggleston,[1] he be de former managing director of BGC den accomplish Scottish banker on wey he dey secondment say make he cam Ghana from de Imperial Bank of India. Ein deputy governor be Mr. Douglas F. Stone, he be anoda renown British central banker wey he dey for secondment from Bank of England.

De general administration of de bank dem take give seven-member board of directors under de chairmanship for de governor.[4]

De first board be as follows:

  1. Alfred Eggleston, chairman
  2. Douglas F. Stone, deputy governor
  3. R. S. Blay, director
  4. N. T. Clerk, director
  5. C. E. Osei, director
  6. R. C. Parkin, director

De governor of de bank den ein deputy dem appoint by de governor of de Gold Coast for de recommendation of de prime minister, in accordance plus Section 10 (1) of de 1957 Ordinance. De governor den ein deputy wey each dem appoint am for term of five years den dat person be eligible for reappointment. Dose two officials dem answerable to de board for dema acts den decisions insyd de course of general administration for de affairs for de bank. De board einself be answerable to de Ministry of Finance for efficient management for de bank. De oda directors for de board wey san appoint by de Prime Minister plus de approval for de governor of de Gold Coast for term of three years, subject to renewal.

 
Ghana ein economical inflation rate of wey dey insyd percentage

Governors

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De list wey dey follow be de list of governors till date[11][12][13][14]

  • Alfred Eggleston 1 August 1957 – 3 April 1959
  • Hubert Kessels 21 August 1959 – 8 September 1962
  • W.M.Q. Halm 5 October 1962 – 13 August 1965
  • A. Adomako 10 September 1965 – 9 February 1968
  • J.H. Frimpong-Ansah 8 March 1968 – 28 February 1973
  • Amon Nikoi 16 March 1973 – June 1977
  • A.E.K. Ashiabor 15 Jul 1977–8 Mar 1983
  • J. S. Addo 29 March 1983 – 3 June 1987
  • G.K. Agama 15 July 1988 – 16 July 1997
  • Kwabena Duffuor 17 July 1997 – 30 September 2001
  • Paul A. Acquah 1 October 2001 – 30 September 2009
  • K. B. Amissah-Arthur 1 October 2009 – 6 August 2012
  • Henry Kofi Wampah 6 August 2012 – 31 March 2016
  • Abdul Nashiru Issahaku 1 April 2016 – 31 March 2017
  • Ernest Addison 1 April 2017 – Present

Departments

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Insyd 1957, de bank commence ein business plus six main departments namely:

  • De governors' office
  • De administration/personnel department
  • De banking department
  • De issue department
  • Accounts/audit department
  • Economics/statistics department

De governors ein office be head by de secretary to de board, wey oda departments dem dey head by managers who dey report directly give de deputy governor anaa for special cases insyd give de governor. Dem dey run de departments by de managers in accordance plus policies den decisions wey dey arrive at by an in-house management accordance plus policies wey dey arrive by in-house management committee wey dey comprise de governor, de deputy governor den three anaa four heads of department wey de governor dey appoint.[5]

Plus dema initial organisational arrangements, de Bank of Ghana dey take de central role insyd banking system for Ghana, wey edey comprise de central bank, two expatriate commercial banks – de British Bank of West Africa (BBWA) (now Standard Chartered Bank) den Barclays Bank Limited (Dominion, Colonial and Overseas); den de new Ghana Commercial Bank (GCB).

Dem san get de Post Office Savings Bank (POSB), wey in fact, no be bank by definition; ebe de institution per set up by de government say make dem mobilize public savings through de agency for de numerous post offices insyd de country, for investment insyd government paper.

Relations plus oda banks insyd de system wey dem set out under sections 39 – 42 of de 1957 Ordinance. Initially, dema relation were no very strong. De Central Bank dey act as banker to oda banks den co-operate plus dem say ego promote den maintain adequate den reasonable banking services for de public. Esan dey ensure high standards for conduct den management insyd de banking system. De bank san dey give powers as edey require de banks say make emaintain proportion of dema assets insyd de specify form den submit monthly returns on dema operation give de Central Bank. However, banking supervision anaa bank examination be specifically highlight insyd de Ordinance.[15]

Function

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As a Central Bank of Ghana, edey function as follows:

  • Formulate den implement a monetary policy wey dey aim at achieving de objectives for de Bank;
  • Promote by monetary measure de stabilization for de value for de currency wey dey within den outside Ghana;
  • Institute measures dat be likely go get favorable effect for de balance of payments, de state of public finances, den de general development for de national economy;
  • Regulate, supervise, den direct de banking den credit system den ensure de smooth operation for de financial sector;
  • Promote, regulate, den supervise payment den settlement systems;
  • Issue den redeem de currency notes den coins;
  • Ensure effective maintenance den management of Ghana ein external financial services;
  • license, regulate, promote, den supervise non-banking financial institutions;
  • Act as banker den financial adviser go government;
  • Promote den maintain relations plus international banking den financial institutions den subject to de Constitution anaa any oda relevant enactment, implement international monetary agreements wey Ghana be party; den
  • Do all oda things dat be incidental anaa conducive to de efficient performance for ein functions under dis Act den any oda enactment.[4]

Bank of Ghana insyd de news

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Lawsuits

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Dr. Papa Kwesi Nduom den de Odas

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Insyd August 2019, Dr. Papa Kwesi Nduom den oda individuals file lawsuit against de Bank of Ghana den oda parties wey dey concern de cancellation of de license of GN Bank/Savings.[16]

De Bank of Ghana dey dispute for High Court ein jurisdiction by asserting dat, as per de Banking Act, license revocation matters should be resolve thru arbitration buh no be court proceedings[17]

Controversies

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New Bank of Ghana Headquarters

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Insyd August 2023, de Bank of Ghana through press briefing describe am as justifications, ebe move say dem go build fresh 13-storey headquarters to replace ein current building. The Bank of Ghana in Accra released a document on August 21, 2023, wey dey contain dema disclosure.[18][19][20][21][22][23]

De decision say dem dey go build new ediface be say ecam meet plus mix reactions as de Minority insyd Parliament of Ghana den some Civil Society Organizations dey strongly opposed, dem dey talk say such projects no be necessary as dem dey consider current economic situation de country dey insyd.[18] Consequently, dem dey criticize de Governor of de Bank of Ghana den ein deputies, wey dem dey urge dem say make dem step down den declare dema plan to stage protest for de Bank of Ghana on September 5, 2023, as dem dey seek de departure of dese officials.[18][24]

Oda distinguish members for Ghana insyd wey edey include Dormaahene, Osagyefo Oseadeeyo Agyemang Badu II dey talk ein mind for de decision of de Bank of Ghana ein leadership.[25][26][27]

On de oda syd, de Deputy Minister for Trade, Dr Stephen Amoah, dey call de action of those wey dey call for de resignation of de governor as eno dey hia.[28]

Awards den honours

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Insyd October 2020, dem adjudge Bank of Ghana say ebe de best central bank for de seventh Central Banking Awards.[29][30]

San see

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  • Savings and Loans Company
  • Cedi, de currency of Ghana
  • Central banks den currencies of Africa
  • Economy of Ghana
  • List of financial institutions insyd Ghana
  • List of central banks

References

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  1. ↑ 1.0 1.1 1.2 1.3 1.4 "Bank of Ghana, Biography". ghanaweb.com. Retrieved 29 August 2023.
  2. ↑ "Bank of Ghana – Central Bank". 12 October 2023. Retrieved 23 October 2023.
  3. ↑ "Alliance for Financial Inclusion – Members". 18 June 2019. Archived from the original on 20 February 2012.
  4. ↑ 4.0 4.1 4.2 4.3 4.4 4.5 4.6 "About the Bank – Bank of Ghana". Retrieved 12 July 2023.
  5. ↑ 5.0 5.1 5.2 "Bank of Ghana, Biography". ghanaweb.com. Retrieved 12 July 2023.
  6. ↑ "The Central Bank Of Ghana « Citizen-Capital". Retrieved 28 July 2023.
  7. ↑ "What Is Next For The Banking Industry In Ghana?".
  8. ↑ "About the Bank – Bank of Ghana". Retrieved 28 July 2023.
  9. ↑ "Bank of Ghana continues pledge to financial inclusion with Maya Declaration commitment". Alliance for Financial Inclusion | Bringing smart policies to life. 6 April 2012. Retrieved 26 December 2020.
  10. ↑ "AFI's Gender Inclusive Finance Webinar on "Integrating Gender Considerations into COVID-19 Policy Solutions" – Opening Remarks by Governor, Dr. E.K Addison, Bank of Ghana". Alliance for Financial Inclusion | Bringing smart policies to life. 14 September 2020. Retrieved 26 December 2020.
  11. ↑ "BoG List of Gorvenors". 4 March 2024.
  12. ↑ Bank of Ghana. "Governors Deputies". Bank of Ghana.
  13. ↑ "Bank of Ghana, Biography". ghanaweb.com. Retrieved 13 September 2023.
  14. ↑ Emmanuel, Kojo (6 April 2022). "Here are all the governors of the Bank of Ghana since 1957". Pulse Ghana. Retrieved 13 September 2023.
  15. ↑ "BoG ordinance". 19 June 2008. Archived from the original on 14 September 2008.
  16. ↑ "High Court has jurisdiction over GN Bank vs. Bank of Ghana - Supreme Court rules - Graphic Online".
  17. ↑ "GN bank case: BoG appeal struck out, High Court to give final judgement". GhanaWeb. 19 January 2022. Retrieved 29 July 2023.
  18. ↑ 18.0 18.1 18.2 "BoG new head office 41% completed; to be finished in Sept. 2024". Citi Business News. 22 August 2023. Retrieved 23 August 2023.
  19. ↑ "Construction of new BoG office at 41% completion - Governor". GhanaWeb. 21 August 2023. Retrieved 13 September 2023.
  20. ↑ "Why BoG is constructing new Head Office building as most important priority project". Graphic Online. 10 August 2023. Retrieved 13 September 2023.
  21. ↑ "New BoG head office 'not just simple, ordinary building' – Addison". GhanaWeb. 21 August 2023. Retrieved 13 September 2023.
  22. ↑ Gyesi, Zadok Kwame (21 August 2023). "No procurement law was flouted in new BoG head office project - Governor". Graphic Online. Retrieved 13 September 2023.
  23. ↑ "New headquarters cost not bloated - BoG". GhanaWeb. 22 August 2023. Retrieved 13 September 2023.
  24. ↑ "NDC MP blows alarm on luxurious 'Central Bank of Ghana Governor Guest House' in Takoradi". GhanaWeb. 12 August 2023. Retrieved 13 September 2023.
  25. ↑ GhanaWeb (18 August 2023). "3 top public personalities who have commented on BoG's new $250m headquarters". GhanaWeb. Retrieved 13 September 2023.
  26. ↑ Biiya, Mukusah Ali (18 August 2023). "I'll demolish new BoG head office project if I had my own way - Dormaahene [VIDEO]". Graphic Online. Retrieved 13 September 2023.
  27. ↑ "It's not prudent to build new BoG headquarters while in crisis – Inusah Fuseini". www.myjoyonline.com. 12 August 2023. Retrieved 13 September 2023.
  28. ↑ "Calls for resignation of BoG governor, deputies are unjustified – Stephen Amoah". GhanaWeb. 11 August 2023. Retrieved 13 September 2023.
  29. ↑ "BoG picks Central Bank of the Year award". Graphic Online. Retrieved 15 October 2020.
  30. ↑ "Bank of Ghana (BoG) won Central Bank of the Year Award 2020 in 7th Annual Central Banking Awards 2020". affairscloud.com. Retrieved 12 July 2023.
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