Bank of Ghana

The Bank of Ghana (abbreviated as BoG) is the Central Bank of Ghana. It is located in Accra and was formed in 1957.[2] The Bank of Ghana has Seven Regional Offices in addition to its head office in Accra. The regional offices are located in the following cities, Hohoe, Kumasi, Sunyani, Tamale, Takoradi, Bolgatanga, Wa. The regional offices are responsible for implementing the policies and directives of the Bank of Ghana in their respective regions. They also provide banking services to the government, financial institutions, and the public.[3]

The bank is active in developing financial inclusion policies and is a member of the Alliance for Financial Inclusion.[4][5][6]

Departments

In 1957, the bank commenced business with six main departments namely:

The governors' office was headed by the secretary to the board, while the other departments were headed by managers who reported directly to the deputy governor or in special cases to the governor. The departments were run by the managers in accordance, with policies and decisions arrived at by an in-house management accordance with policies arrived at by an in-house management committee comprising the governor, the deputy governor and three or four heads of department appointed by the governor.[6]

With that initial organisational arrangements, the Bank of Ghana assumed its central role in the banking system of Ghana, which then comprised the central bank, two expatriate commercial banks – the British Bank of West Africa (BBWA) (now Standard Chartered Bank) and Barclays Bank Limited (Dominion, Colonial and Overseas); and the new Ghana Commercial Bank (GCB).

There was also the Post Office Savings Bank (POSB), which was in fact, not a bank by definition; it was only an institution set up by the government to mobilize public savings through the agency of the numerous post offices in the country, for investment in government paper.

Relations with the other banks in the system were set out under sections 39 – 42 of the 1957 Ordinance. Initially, the relation were not very strong. The Central Bank was to act as banker to other banks and co-operate with them to promote and maintain adequate and reasonable banking services for the public. It was also to ensure high standards of conduct and management in the banking system. The bank was also given powers to require the banks to maintain a proportion of their assets in specified form and to submit monthly returns on their operation to the Central Bank. However, banking supervision or bank examination was not specifically highlighted in the Ordinance.[16]

The governors' office

The administration/personnel department

The banking department

The issue department

Accounts/audit department

Economics/statistics department

bank name	Bank of Ghana
established	1957
headquarters	Accra, Greater Accra, Ghana
ownership	100% state ownership‡R1R‡
leader title	Governor
president	Dr. Johnson Pandit Asiama.
bank of	Ghana
currency	Ghanaian cedi
currency iso	GHS
website	www.bog.gov.gh

Establishment of the Bank of Ghana

History

Governance of the Bank of Ghana

Governors

Departments

Functions

Bank of Ghana in the news

Lawsuits

Dr. Papa Kwesi Nduom and the Others

Dr. Papa Kwesi Nduom and the Others

Controversies

New Bank of Ghana Headquarters

New Bank of Ghana Headquarters

Awards and honours

See also

External links

References