The Establishment of the MPC

Bank of Ghana Act

The Establishment of MPC

Bank of Ghana Act 2002, (Act 612), Section 27

(1) There is hereby established a committee of the Bank to be known as the Monetary Policy Committee of the Bank.

(2) The Monetary policy Committee shall be responsible for 

     (a) initiating proposals for the formulation of the monetary policies of the bank; and

     (b) providing the statistical data and advice necessary for the formulation of monetary policies.

(3) The members of the Monetary Policy Committee shall be

     (a) the Governor;

     (b) the First and Second Deputy Governors;

     (c) the head of monetary policy analysis of the Bank;

     (d) the head of banking operations of the Bank; and

     (e) two other persons appointed by the Minister being persons with knowledge or experience relevant to the functions of the Monetary Policy Committee.

(4) The members of the Monetary Policy Committee other than the full-time members shall be paid such allowances as the Board shall determine.