SectionBannerParlia

Governance

The governing body of the bank

/
Governance

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 ten Non-Executive 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 ten 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.

The Government has communicated the reconstitution of the membership of Bank of Ghana Board of Directors as follows:

Ms. Sandra Thompson, Head of the Secretary’s Department is the Secretary to the Board.

The various Committees of the Board of the Bank of Ghana are currently constituted as follows:

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.

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. The Committee also formulates policies on governance issues; mainly regulations, supervision, processes and operations to ensure compliance with best practices and standards.

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.

The Committee formulates and directs the Bank’s strategic policies in the fulfillment of its objectives. It collaborates with the Finance Department in ensuring that the Bank’s Budget is prepared and approved on schedule.