As soon as local politicians and economists saw political independence in sight in the mids 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.
Section - 18 - Functions Of The Governor 1 The Governor shall, subject to the directions given by the Board on matters of policy and subject as expressly provided in this Act, be entrusted with the day-to-day business and administration of the Bank, and may make decisions and exercise all powers and perform the functions which may be exercised and performed by the Bank.
The Bank of Ghana Ordinance (N°. 34) of established the Bank of Ghana. It currently operates under the Bank of Ghana Act, (Act , as amended by the Bank of Ghana Act, (Act )), with the primary objective of maintaining stability in the general level of prices. (1) The Bank of Ghana shall have an overall supervisory and regulatory authority in all matters relating to banking business and shall be responsible for (a) promoting an effective banking system; (b) dealing with any unlawful or improper practices of banks, and (c) considering and proposing reforms of the laws relating to banking business. The Bank shall be the sole custodian of the state funds both in and outside Ghana, and may by notice published in the Gazette authorise any other person or institution to act as custodian of any such funds as may be specified in the notice.
Section - 19 - Emergency Powers Of The Governor 1 Where there is an internal disorder, external exigencies, national disaster or critical financial or economic crisis or other exigencies requiring immediate action and there is insufficient time to call a meeting of the Board, the Governor may, after giving notice to the Minister, exercise the powers of the Board and take necessary action.
Section - 20 - Functions Of The Deputy Governors 1 The Deputy Governors shall assist the Governor in the performance of the functions of the Governor under this Act in the area that the Governor may in consultation with the Board, determine.
Section - 21 - The Secretary The Bank shall have an officer designated the Secretary who shall be appointed by the Board to perform the functions of maintaining a secretariat for the Board and ensuring accurate recording of proceedings and decisions of the Board and to perform such other functions as the Governor or the Board may direct.
Section - 23 - Other Officers And Employees Of The Bank 1 The Board shall appoint such other officers and employees as the Board considers necessary for the effective implementation of the functions of the Bank. Section - 24 - Signing Of Documents 1 The Board may empower the Governor, a Deputy Governor or an employee of the Bank in writing generally or in respect of a particular document or class of documents to sign for and on behalf of the Bank.
Section - 25 - Declaration Of Secrecy 1 The employees of the Bank of all classes of designation shall be bound by a declaration of secrecy unless they are otherwise called upon to give evidence in a court or to fulfil an obligation imposed by law.Dr Millison Kwadwo Narh, the Deputy Governor of the Bank of Ghana, has hinted that the bank was revising the current Banking Act to enable it to address the identified gaps.
He said the Deposit Protection Bill is also about to be passed by Parliament to provide protection for small savers. Act Bank of Ghana Act, (3) An instrument issued under subsection (2) may include provisions relating to inspection; management audit; and any other aspect of operation of non-banking institutions.
(4) An instrument issued under subsection (2) shall be under the signature of the Governor. Authorised shares of the Bank 5. The Bank of Ghana Act, (Act ) which replaced PNDCL PURPOSE OF THE ACT The purpose of the Act is to amend and consolidate the law relating to the Bank of Ghana and to implement Articles and of the constitution relating to the Bank.
The Bank of Ghana (BoG) is the central bank of Ghana. It is located in Accra and was formed in The bank is active in developing financial inclusion policy and is a member of the Alliance for Financial Inclusion.
Bank of Ghana Act, Act PART VII—BANKING SUPERVISION AND RESEARCH Head of Banking Supervision and supervision of financial institutions Statistical data and publication of bulletins and reports Request for research information PART VIII—ACCOUNTS AND AUDIT Accounts and audit General returns Section 9(b) of Act provides that the Bank of Ghana (BoG) shall not issue a licence to a bank whose proposed directors are not “fit and proper persons”, as defined under the Act.