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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. 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.
The bank is active in developing financial inclusion policies and is a member of the Alliance for Financial Inclusion.
The Bank of Ghana was formally established on 4 March 1957, just two days before Ghana's declaration of political independence. The British Parliament passed the Bank of Ghana Ordinance (No. 34) of 1957 to make it official. By mid-July 1957, all necessary preparations were completed for the official inauguration of the Bank's new Head Office on High Street.
Since 1957, the Bank of Ghana has experienced various legislative changes. The original Bank of Ghana Ordinance (No.34) of 1957 was replaced by the Bank of Ghana Act (1963), Act 182, which was later amended by the Bank of Ghana (Amendment Act) 1965, (Act 282). Eventually, the Bank of Ghana Law, 1992 PNDCL 291, consolidated the legal framework for the bank by repealing both Acts 182 and 282.
The Central Bank of Ghana traces its roots to the Bank of the Gold Coast (BGC) or Ghana Commercial Bank, where it was nurtured. As soon as local politicians and economists saw political independence in sight in the mid-1950s the agitation for a central bank was revived. It was argued that a central bank was one institution which would give true meaning to political independence. It may be recalled that way back in 1947, some leading politicians had called for the establishment of a national bank, with central bank functions to act as banker to government and to cater for the indigenous sector of the economy.
Proposals of the advocates for a central bank were accepted and in early 1955, another select committee was set up by the government to take a new look at the Trevor Report and prepare the grounds for the establishment of a central bank in Ghana. The BGC had already set the stage for central banking: all that was needed was specially trained personnel in central banking and suitable accommodation for the bank to take off.
By the end of 1956, all was set for the establishment of the Bank of Ghana. A new and modern five-storey building had been put up on the High Street, adjacent to the Accra Metropolitan Assembly (AMA) to house both the Bank of Ghana and the Ghana Commercial Bank (GCB).
In March 2012, the Bank of Ghana announced it would be making specific commitments to financial inclusion under the Maya Declaration.
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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. 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.
The bank is active in developing financial inclusion policies and is a member of the Alliance for Financial Inclusion.
The Bank of Ghana was formally established on 4 March 1957, just two days before Ghana's declaration of political independence. The British Parliament passed the Bank of Ghana Ordinance (No. 34) of 1957 to make it official. By mid-July 1957, all necessary preparations were completed for the official inauguration of the Bank's new Head Office on High Street.
Since 1957, the Bank of Ghana has experienced various legislative changes. The original Bank of Ghana Ordinance (No.34) of 1957 was replaced by the Bank of Ghana Act (1963), Act 182, which was later amended by the Bank of Ghana (Amendment Act) 1965, (Act 282). Eventually, the Bank of Ghana Law, 1992 PNDCL 291, consolidated the legal framework for the bank by repealing both Acts 182 and 282.
The Central Bank of Ghana traces its roots to the Bank of the Gold Coast (BGC) or Ghana Commercial Bank, where it was nurtured. As soon as local politicians and economists saw political independence in sight in the mid-1950s the agitation for a central bank was revived. It was argued that a central bank was one institution which would give true meaning to political independence. It may be recalled that way back in 1947, some leading politicians had called for the establishment of a national bank, with central bank functions to act as banker to government and to cater for the indigenous sector of the economy.
Proposals of the advocates for a central bank were accepted and in early 1955, another select committee was set up by the government to take a new look at the Trevor Report and prepare the grounds for the establishment of a central bank in Ghana. The BGC had already set the stage for central banking: all that was needed was specially trained personnel in central banking and suitable accommodation for the bank to take off.
By the end of 1956, all was set for the establishment of the Bank of Ghana. A new and modern five-storey building had been put up on the High Street, adjacent to the Accra Metropolitan Assembly (AMA) to house both the Bank of Ghana and the Ghana Commercial Bank (GCB).
In March 2012, the Bank of Ghana announced it would be making specific commitments to financial inclusion under the Maya Declaration.