Bank of Ghana

Sub-region: 

Governor 

Dr. Ernest K. Y. Addison

Headquarters Accra, Ghana
Established 1957
Currency Ghanaian cedi - GHC (ISO Code )
Website www.bog.gov.gh

 

BRIEF HISTORICAL BACKGROUND OF THE BANK

In 1947, there were proposals from leading politicians in the country that a national bank with central banking functions should be established. In 1949 a select committee of the Legislative Assembly was appointed to investigate the establishment of a national bank with purely central banking functions.

In 1951 the government appointed Sir Cecil Trevor to examine the question of setting up a national bank on commercial lines to finance development projects and to act as a reserve bank. On the basis of his recommendation, a state owned commercial bank was established in 1952 by the Bank of the Gold Coast Ordinance. The new Bank started Operations in 1953.

In subsequent years as the country approached independence, it became evident that a new institution responsible for the issue of currency in the Gold Coast was more suitable for an independent country than the West African Currency Board which was responsible for the issue of currency in the Gold Coast, the Gambia, Sierra Leone and Nigeria.

The Bank of Ghana was therefore established as a central bank on 4th March 1957 by the Bank of Ghana Ordinance (No. 34) of 1957. It started operations on 1st August 1957.