Bank of Ghana

Cedi

Http://www.bog.gov.gh/

The Bank of Ghana (short: BOG) is the central bank of Ghana. It is located in the capital, Accra, was established 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 ​​a separate central bank was created. Two days before independence, on March 4, 1957, the Bank of Ghana Ordiance was suppressed by the British Parliament and the Bank of Ghana established. In mid-July the new headquarters in the High Street was ready for use. The establishment of a central bank was seen as a major step towards a sovereign state and should support the economic development of the country. Your regular transactions, the bank on August 1, 1957.

Structure

After the Bank of Ghana Act (Act 612), the Bank is managed by a Board of Directors. The Council consists of the Chairman, his two deputies, as well as nine other directors. One of them represents the same time the Ministry of Finance. Council members are appointed by the President of Ghana, the case shall consult with the Council of State. The term of office for the nine other directors is three years, but they can complete several terms.

Furthermore, the operations of the Bank are divided into 19 departments, each of which take care of certain tasks.

Tasks

The tasks of the BOG are:

  • Issuance and management of the national currency
  • To build up reserves
  • To guarantee monetary stability
  • Execution of monetary policy
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