Bank of Ghana - wikipedia Bank of Ghana This article may be in need of reorganization to comply with Wikipedia 's layout guidelines. Please help by editing the article to make improvements to the overall structure. ( February 2014 ) Bank of Ghana Headquarters Accra, Greater Accra, Ghana Established 1957 Ownership Government of Ghana Governor Dr. Ernest Kwamina Yedu Addison Central bank of Ghana Currency Ghanaian cedi GHS ( ISO 4217 ) Website www.bog.gov.gh The Bank of Ghana ( BoG ) is the central bank of Ghana. It is located in Accra and was formed in 1957. The bank is active in developing financial inclusion policy and is a member of the Alliance for Financial Inclusion. Contents 1 History 1.1 Brief historical background 1.2 Corporate profile 2 See also 3 References 4 External links History Brief historical background Ashanti Gold Standard Currency refined 1 oz Sika ( 1 troy ounce Sika ) 500 Sika Gold Coin reverse ( 2002 Golden Jubilee of Elizabeth II ; `` Sika '' = Ashanti Twi - word for `` Gold '' ) worth at gold market price $5,000 per 1 oz ( 1 troy ounce ) of gold. Ghana economical inflation rate of change in percentage 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. Fortunately, 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 ). List of Governors of the Bank Since its Inception Mr. A. Eggleston 01 Aug 1957 - 03 Apr 1959 Mr. H. Kessels 21 Aug 1959 - 08 Sep 1962 Mr. W.M.Q. Halm 05 Oct 1962 - 13 Aug 1965 Mr. A. Adomako 10 Sep 1965 - 09 Feb 1968 Mr. J.H. Frimpong - Ansah 08 Mar 1968 - 28 Feb 1973 Dr. Amon Nikoi 16 Mar 1973 -- June 1977 Mr. A.E.K. Ashiabor 15 Jul 1977 -- 08 Mar 1983 Mr. J.S. Addo 29 Mar 1983 -- 03 Jun 1987 Dr. G.K. Agama 15 Jul 1988 -- 16 Jul 1997 Dr. Kwabena Duffuor 17 Jul 1997 -- 30 Sept 2001 Dr. Paul A. Acquah 01 Oct 2001 - 30 Sept 2009 Mr. K.B. Amissah - Arthur 01 Oct 2009 - 06 Aug 2012 Dr. Henry Kofi Wampah 06 Aug 2012 - 31 March 2016 Dr. Abdul Nashiru Issahaku 01 Apr 2016 - 31 March 2017 Dr. Ernest Addison 01 Apr 2017 - In March 2012 the Bank of Ghana announced it would be making specific commitments to financial inclusion under the Maya Declaration. Corporate profile The first governor of the bank was Mr. Alfred Eggleston, the former Managing Director of BGC and an accomplished Scottish banker on secondment to Ghana from the Imperial Bank of India. His Deputy Governor was one Mr. Douglas F. Stone, another renowned British central banker also on secondment from Bank of England. The general administration of the bank was entrusted in the hands of a seven - member board of directors under the chairmanship of the governor. The first Board was as follows : Alfred Eggleston Chairman Douglas F. Stone Deputy Governor R.S. Blay Director Dr. N.T. Clerk Director C.E. Osei Director R.C. Parkin Director Albert Adomako Secretary The Governor of the Bank and his Deputy were appointed by the Governor of the Gold Coast on the recommendation of the Prime Minister, in accordance with Section 10 ( 1 ) of the 1957 Ordinance. The Governor and his Deputy were each appointed for a term of five years and were eligible for reappointment. Those two officials were answerable to the Board for their acts and decisions in the course of general administration of the affairs of the bank. The Board itself was also answerable to the Ministry of Finance for efficient management of the Bank. The other directors of the Board were also appointed by the Prime Minister with the approval of the Governor of the Gold Coast for a term of three years, subject to renewal. The bank commenced business with six main departments namely : The Governors ' Office The Administration / Personnel Department The Banking Department The Issue Department Accounts / Audit Department Economics / Statistics Department The Governors ' Office was headed by the Secretary to the Board while the other departments were headed by Managers who reported directly to the Deputy Governor or, in special cases to the Governor. The departments were run by the managers in accordance with policies and decisions arrived at by an in - house Management accordance with policies arrived at by an in - house Management Committee comprising the Governor, the Deputy Governor and three or four heads of department appointed by the Governor. With that initial organisational arrangements, the Bank of Ghana assumed its central role in the banking system of Ghana, which then comprised the central bank, two expatriate commercial banks -- the British Bank of West Africa ( BBWA ) ( now Standard Chartered Bank ) and Barclays Bank Limited ( Dominion, Colonial and Overseas ) ; and the new Ghana Commercial Bank ( GCB ). There was also the Post Office Savings Bank ( POSB ), which was, in fact, not a bank by definition ; it was only an institution set up by the government to mobilise public savings through the agency of the numerous post offices in the country, for investment in government paper. Relations with the other banks in the system were set out under sections 39 -- 42 of the 1957 Ordinance. Initially, the relation were not very strong. The Central Bank was to act as banker to other banks and co-operate with them to promote and maintain adequate and reasonable banking services for the public. It was also to ensure high standards of conduct and management in the banking system. The Bank was also given powers to require the banks to maintain a proportion of their assets in specified form and to submit monthly returns on their operation to the Central Bank. However, banking supervision or bank examination was not specifically highlighted in the ordinance in the Ordinance. See also Savings and Loans Company Cedi, the currency of Ghana Central banks and currencies of Africa Economy of Ghana List of financial institutions in Ghana References Jump up ^ ( 1 ) Archived 20 February 2012 at the Wayback Machine. Jump up ^ Christenson, Gary ( 27 March 2016 ). `` Future Gold Prices ''. Goldseek.com. Retrieved 27 March 2016. Jump up ^ `` BoG List Of Gorvenors ''. Jump up ^ `` BoG ordinance ''. 19 June 2008. Archived from the original on 14 September 2008. External links Bank of Ghana official site Ghana articles History Ashanti Empire Gold Coast First Republic ( 1960 -- 1966 ) National Liberation Council Kofi Busia Ignatius Kutu Acheampong Armed Forces Revolutionary Council Hilla Limann Provisional National Defence Council Jerry Rawlings John Kufuor John Mills John Mahama Nana Akufo - Addo Geography Cities Climate Forests Mountains National parks Protected areas Rivers Wildlife Politics Administrative divisions Constitution Cabinet Elections Foreign relations Government Human rights Judiciary Law enforcement Military Political parties Parliament President Prime Minister Economy Agriculture Cedi ( currency ) Central Bank Energy Fishing Labor Manufacturing Mining Oil Stock Exchange Telecommunications Tourism Transport Water and sanitation Society Demographics Education Ethnic groups Health Languages Religion Women Culture Cultural heritage Cuisine Festivals Media Music National anthem National pledge Public holidays Sport Social conduct Outline Index Bibliography Portal Timeline of Ghana Templates Central banks Global Bank for International Settlements Basel Committee on Banking Supervision Financial Stability Board Policies Capital requirement Contractionary monetary policy Expansionary monetary policy Basel II Basel III Basel 4 Implementation Capital control Discount rate Interest rates Money creation Open market operation Sovereign wealth fund Bretton Woods system International Monetary Fund World Bank Group International Bank for Reconstruction and Development International Centre for Settlement of Investment Disputes International Development Association International Finance Corporation Multilateral Investment Guarantee Agency Lists List of central banks Central banks and currencies of Africa Central banks and currencies of Asia - Pacific Central banks and currencies of the Caribbean Central banks and currencies of Europe Central banks and currencies of Central America and South America Governors of the Bank of Ghana Governors Eggleston Kessels Halm Adomakoh Frimpong - Ansah Nikoi Ashiabor Addo Agama Duffuor Acquah Amissah - Arthur Wampah Issahaku Ernest Addison Retrieved from `` https://en.wikipedia.org/w/index.php?title=Bank_of_Ghana&oldid=854202618 '' Categories : 1957 establishments in Ghana Central banks Bank of Ghana Banks of Ghana Buildings and structures in Accra Banks established in 1957 Hidden categories : Webarchive template wayback links Wikipedia articles needing reorganization from February 2014 EngvarB from August 2013 Use dmy dates from August 2013 Pages using deprecated image syntax All accuracy disputes Articles with disputed statements from June 2017 Talk Contents About Wikipedia Languages Asturianu Deutsch Español Norsk Русский Українська Edit links This page was last edited on 9 August 2018, at 17 : 02 ( UTC ). 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Question: what is the name of the governor of bank of ghana
Answer: Dr. Ernest Kwamina Yedu Addison