Bank of Ghana
| Headquarters | Accra , Ghana |
| founding | 1957 |
| president | Dr. Paul A. Acquah |
| country | Ghana |
| currency | |
| ISO 4217 | GHS |
| Currency reserves | US $ 7.966 billion (September 2019) |
| Website | |
| List of central banks | |
The Bank of Ghana (short: BOG) is the central bank of Ghana . It is located in the capital Accra and was founded in 1957.
history
The bank's history began with the Bank of the Gold Coast (BGC). During the independence efforts in the 1950s, the idea of having its own central bank arose. Two days before independence, on March 4, 1957, the Bank of Ghana Ordiance was dissolved by the British Parliament and the Bank of Ghana was established. In mid-July, the new headquarters on the High Street was operational. The establishment of a central bank was seen as a big step towards a sovereign state and should support the country's economic development. The bank began its regular business on August 1, 1957.
structure
Under the Bank of Ghana Act (Act 612) , the bank is run by a board of directors. The council consists of the chairman, his two deputies and nine other directors. One of them also represents the Ministry of Finance. The council members are appointed by the President of Ghana, who consults the state council . The tenure for the nine other directors is three years, but they can serve multiple terms.
In addition, the bank's business is divided between 19 departments , each of which is responsible for specific tasks.
tasks
The tasks of the BOG are:
- Issuance and administration of the national currency
- To build reserves
- Guarantee currency stability
- Execution of monetary policy
See also
- Cedi , Ghana's currency
- Ghana Stock Exchange , the stock exchange of Ghana
Individual evidence
- ^ Ghana Foreign Exchange Reserves . tradingeconmoics.com. Accessed December 12, 2019 (English)
- ↑ http://www.bog.gov.gh/index1.php?linkid=268
Web links
- The Bank's website (English)