Bank of Ghana

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

De bank bi active say ego develop financial inclusion policies wey esan bi member of de Alliance for Financial Inclusion.

Establishment of de Bank of Ghana

De Bank of Ghana dem formally establish am on 4 March 1957, just two days before Ghana ein declaration of political independence. Ebi de British Parliament wey pass de Bank of Ghana Ordinance (No. 34) of 1957 so say dem go make am official. 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.

Since 1957, de Bank of Ghana gey experience for various legislative changes. 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.

History

De Central Bank of Ghana trace ein roots to de Bank of the Gold Coast (BGC) or Ghana Commercial Bank, wey dem nurtured am come that far. As soon as local politicians den economists see say political independence dey for de mid-1950s de agitation for a central bank wey dem revive am. Dem dey argue say de central bank bi 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, with central bank functions say ego act as banker to government den ego cater for de indigenous sector of de economy.

Plenty proposals come from advocates say make dem accept central bank insyd early 1955, government set up another 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 that dem need bi specially trained personnel insyd central banking den suitable accommodation give de bank for am to take off.

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

Governance of de Bank of Ghana

De first governor of de bank bi Mr. Alfred Eggleston, he bi de former managing director of BGC den accomplish Scottish banker on wey he dey secondment say make he come Ghana from de Imperial Bank of India. Ein deputy governor bi Mr. Douglas F. Stone, he bi another renown British central banker wey he dey on 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.

De first board bi 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 with Section 10 (1) of de 1957 Ordinance. De governor den ein deputy wey each dem appoint am for a term of five years den dat person bi eligible for reappointment. Dose two officials dem answerable to de board for demma acts den decisions insyd de course of general administration for de affairs for de bank. De board einself bi answerable to de Ministry of Finance for efficient management for de bank. De other directors for de board wey san appoint by de Prime Minister with de approval for de governor of de Gold Coast for a term of three years, subject to renewal.

Ghana ein economical inflation rate of wey dey insyd percentage

Governors

De following bi de list of governors till date

• 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

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 bi head by de secretary to de board, wey other departments dem dey head by managers who dey report directly give de deputy governor or in special cases give de governor. Dem dey run de departments by de managers in accordance with policies den decisions wey dey arrive at by an in-house management accordance plus policies wey dey arrive by an in-house management committee wey dey comprise de governor, de deputy governor den three or four heads of department wey de governor dey appoint.

With demma 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 gey de Post Office Savings Bank (POSB), wey in fact, not a bank by definition; ebi de only an institution 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 with other banks insyd de system wey dem set out under sections 39 – 42 of de 1957 Ordinance. Initially, demma relation were no very strong. De Central Bank dey act as banker to other 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 demma assets insyd de specify form den submit monthly returns on demma operation give de Central Bank. However, banking supervision or bank examination bi specifically highlight insyd de Ordinance.

Function

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 bi likely go gey a 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 or any other relevant enactment, implement international monetary agreements wey Ghana bi party; den
• Do all other things that are incidental or conducive to de efficient performance for ein functions under dis Act den any other enactment.

Bank of Ghana in de news

Lawsuits

Dr. Papa Kwesi Nduom den de Others

Insyd August 2019, Dr. Papa Kwesi Nduom den other individuals file a lawsuit against de Bank of Ghana den other parties concerning de cancellation of de license of GN Bank/Savings.

De Bank of Ghana dey dispute for High Court ein jurisdiction by asserting that, as per de Banking Act, license revocation matters should be resolve through arbitration buh no bi court proceedings

Controversies

New Bank of Ghana Headquarters

Insyd August 2023, de Bank of Ghana through press briefing describe am as justifications, ebi move say dem go build new 13-storey headquarters to replace ein current building. The Bank of Ghana in Accra released a document on August 21, 2023, wey dey contain demma disclosure.

De decision say dem dey go build new ediface bi say ecome 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. 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 demma plan to stage protest for de Bank of Ghana on September 5, 2023, as dem dey seek de departure of dese officials.

Other 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.

On de other side, de Deputy Minister for Trade, Dr Stephen Amoah, dey call de action of those calling for de resignation of de governor as eno dey hia.

Awards den honours

Insyd October 2020, dem adjudged Bank of Ghana say ebi de best central bank for de seventh Central Banking Awards.

San see

• Savings and Loans Company
• Cedi, the currency of Ghana
• Central banks and currencies of Africa
• Economy of Ghana
• List of financial institutions in Ghana
• List of central banks

External link

• Bank of Ghana official site