What is the Central Bank of Ghana? Central Bank of Ghana Review, Features

The Bank of Ghana formulates and implements monetary policy to achieve price stability, contribute to promoting and maintaining financial stability and ensure the soundness of the payment system.

About the Central Bank of Ghana

Bank of Ghana (BOG)

The Bank of Ghana was formally established on 4 March 1957, two days before the declaration of political independence, under the Bank of Ghana Ordinance No. 34, 1957, passed by the British Parliament.

Functions of the Central Bank of Ghana

1. Formulate and implement monetary policy aimed at achieving the Bank's objectives;

2. To promote stability in the value of Ghana’s currency both within and outside of Ghana through monetary measures;

3. To formulate measures that may be beneficial to the balance of payments, the state of public finances and the overall development of the national economy;

4. To regulate, supervise and guide the banking credit system, ensure the smooth operation of the financial industry, and promote, regulate and supervise the payment and settlement system;

5. Issue and exchange currency and coins;

6. Ensure the effective maintenance and management of Ghana’s external financial services;

7. To license, regulate, promote and supervise non-bank financial institutions;

8. Serving as a banker and financial advisor to the government;

9. To promote and maintain relations with international banks and financial institutions and, in compliance with the Constitution or any other relevant law, implement international monetary agreements to which Ghana is a party.