Governance
Monday, 19 February 2018 00:00

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

 

1. Dr. Ernest Addison

-     Governor (Chairman)

2. Dr. Maxwell Opoku-Afari

-     1st Deputy Governor

3. Ms. Elsie Addo Awadzi

-     2nd Deputy Governor

4. Mr. Charles Adu-Boahen

-     External Director

5. Dr. Sr. Eugenia Amporfu

-     External Director

6. Mr. Keli Gadzekpo

-     External Director

7. Dr. Kwame Owusu-Nyantekyi

-     External Director

8. Dr. Samuel Nii Noi Ashong

-     External Director

9. Mr. Jude Kofi Bucknor

-     External Director

10. Mr. Joseph B. Alhassan

-     External Director

11. Mr. Andrew Boye-Doe

-     External Director

12. Dr. Maria Hagan

-     External Director 

13. Mrs. Comfort Ocran

-     External Director 

  

Mrs. Caroline Otoo, Head of the Secretary’s Department is the Secretary to the Board.


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

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

 

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.

 


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

 

 

 

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.

 


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 Finance Department in ensuring that the Bank’s Budget is prepared and approved on schedule.