The Bank of Ghana Act

1200 Words5 Pages
THE BANK OF GHANA ACT, 2002 (ACT 612)

OUTLINE

1. INTRODUCTION

2. PURPOSE OF THE ACT

3. ADMINISTRATION OF THE BANK

4. OBJECTS AND FUNCTIONS OF THE BANK OF GHANA

5. POWERS OF THE BANK OF GHANA

6. RIGHTS AND DUTIES OF EMPLOYEES

INTRODUCTION

The Bank of Ghana was established as a Central Bank of the Nation on 4th March 1957 by a British Ordinance (No.34 of 1957) passed by the British Parliament.

Since then the Bank of Ghana experienced legislative changes which include:

i. The Bank of Ghana Act, 1963(Act 182) which replaced the 1957 Ordinance.

ii. The Bank Ghana Law, 1992 (PNDC L 291) which replaced the 1963 Act (Act 182).

iii. The Bank of Ghana Act, 2002 (Act 612) which replaced
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The enforcement powers of the Bank are carried out by the Banking supervision department.

The core powers of the Bank of Ghana relates to:

I. Penalties – BOG may impose penalties in respect of number of issues under the Act

II. Rule –making power

III. Policies –grant of advances and credit facilities, monetary policy, exchange rates policy

IV. Inspection –
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