Governance of the Bank

The governing body of the Bank is the Board of Directors as stipulated in the Bank of Ghana Act, 2002 (Act 612). The Board consists of the Governor, who is also the Chairman, two Deputy Governors and nine Non-Executive Directors.

 1.0       GOVERNANCE
 1.1       The Board of Directors
 
The governing body of the Bank is the Board of Directors as stipulated in the Bank of Ghana Act, 2002 (Act 612). The Board consists of the Governor, who is also the Chairman, two Deputy Governors and nine Non-Executive Directors.
 
The Board is appointed by the President of the Republic of Ghana, in consultation with the Council of State. The Governor and the two Deputy Governors are appointed for a term of four years and are eligible for re-appointment. The non-executive directors hold office for a period of three years and are also eligible for re-appointment.
 
The Board is responsible for formulating policies necessary for the achievement of the Bank’s objectives which are:
 
To maintain stability in the general level of prices;
To ensure effective and efficient operations of the banking and credit systems and support general economic growth.
 
1.2     Reconstitution of the Board
 
Following the change in political leadership of the country, His Excellency the former President, Prof. John Evans Atta Mills, announced the dissolution of the membership of all Government Boards of Government Organizations and Parastatals including the Board of the Bank of Ghana in January, 2009.
 
The tenure of Dr. Paul A. Acquah ended on September 30th, 2009. Mr. Kwesi Bekoe Amissah-Arthur took office as the new Governor of the Bank of Ghana on October 1st, 2009. Dr. H. A. Kofi Wampah assumed office as First Deputy Governor on April 16, 2009, following the resignation of Dr. Mahamudu Bawumia in January 16, 2009.  Mr. Millison Narh also replaced Mr. Van Lare Dosoo as the Second Deputy Governor on July 20th, 2009.
 
By a letter dated May 5, 2009, the Government communicated the reconstitution of the membership of Bank of Ghana Board of Directors as follows:

    * Dr. Henry Akpenamawu Kofi Wampah             - 1st Deputy Governor
    * Mr. Millison Kwadjo Narh                                     - 2nd Deputy Governor
    * Dr. Sydney Laryea
    * Mrs. Diana Amewu Ayettey
    * Mrs. Lily Esther Nkansah
    * Mr. Seth Terkper
    * Togbe Afede XIV
    * Mr. Kwaku Bram-Larbi
    * Dr. D. Obu Andah
    * Mr. Sam Appah
    * Mr. Alexander Yamoah Kyei

Mr. Andrew Boye-Doe, Head of the Secretary’s Department is the Secretary to the Board.
However, before the new Board of Directors could be sworn into office, Mr. Sam Okudjeto, a former member of the Board of the Bank who had issues with the dissolution and reconstitution of the Board of the Bank of Ghana, sued the Attorney-General and the Governor of the Bank. As a result of the court case which persisted to the end of year, the new Board of Directors could not be inaugurated in 2009.
 
1.3     Appointment of the Advisory Panel
 
In view of the developments above, and the resultant gap in the governance framework of the Bank, an independent oversight body, the Advisory Panel, was set up in October 2009.The Advisory Panel was mandated to advise the Bank on external and internal audit control systems of the Bank. The membership was as follows: 

    * Mr. Alex Ashiagbor - Former Governor of the Bank of Ghana
    * Dr. O.A.Y. Jackson - Former Deputy Governor of the Bank of Ghana
    * Mr. J.B. Clottey – Former Head of Banking Supervision Department, Bank of Ghana

The Advisory Panel had its inaugural meeting on November 18, 2009 and continued to meet two times every week. The Advisory Panel considered the following papers during the year.

    * 2008 Financial Statements - Management Report
    * Audit Plan for 2010
    * 1st Quarter Internal Audit Report for 2009 and Follow-up Report
    * 2nd Quarter Internal Audit Report for 2009 and Follow-up Report

 Other specific reports that the Panel considered were:

    * IT Audit – T24 Application
    * Audit of Estate Management and Insurance
    * Audit of Physical Security
    * Audit of Government Security
    * Audit of Government Accounts
    * Audit of Currency Operations and Management Reports

1.4            Inauguration of the New Bank of Ghana Board
 
The reconstituted Board of Directors of the Bank of Ghana (mentioned under 1.2) was finally inaugurated by His Excellency, The President, Prof. John Atta Mills on February 18, 2010. The Board held its maiden meeting on the same day and constituted the Board Committees as below:

    * Human Resource
    * Corporate Governance
    * Economy and Research
    * Strategic Planning and Budget; and
    * Audit

Human Resource Committee
 
The Committee formulates policies relating to the human resource management function of the Bank and assesses their effectiveness so as to make necessary reviews when necessary. Members of the Committee are:

    * Mr. Kwaku Bram-Larbi - Chairman
    * Mrs. Lily Esther Nkansah
    * Mr. Millison Narh

 Corporate Governance Committee
 
The Committee formulates policies on governance issues; mainly regulations, supervision, processes and operations to ensure compliance with best practices and standards. Members of the Committee are:

    * Dr. D. Obu Andah - Chairman
    * Mr. Kwaku Bram-Larbi
    * Mrs. Lily Esther Nkansah
    * Mr. Millison Narh   

Economy and Research Committee
 
The Committee is responsible for considering and making policy recommendations on economic, banking and financial issues relating to the Bank’s functions and the economy as a whole. It collaborates with the Research Department on research activities to enhance the quality of information provided to the Board and the public. Members of the Committee are:

    * Togbe Afede XVI - Chairman
    * Mr. Sam Appah
    * Mr. Seth Terkper
    * Dr. H.A. Kofi Wampah

Strategic Planning and Budget Committee
 
The Committee formulates and directs the Bank’s strategic policies in the fulfillment of its objectives. It collaborates with the Budget an Accounts Department in ensuring that the Bank’s Budget is prepared and approved on schedule. Members of the Committee are:

    * Dr. Sydney Laryea - Chairman
    * Dr. Obu Andah
    * Togbe Afede XVI
    * Mr. Seth Terkper
    * Mr. Millison Narh 

Audit Committee
 
The Committee’s primary roles include ensuring that appropriate and adequate accounting procedures and controls are established, as well as supervising compliance with operational, statutory and international standards. Members of the Committee are:

    * Dr. Sydney Laryea - Chairman
    * Dr. D. Obu Andah
    * Mrs. Diana Amewu Ayettey
    * Dr. H.A. Kofi Wampah