The Bank of Ghana was founded in 1957 as Ghana’s first central monetary institution.
The bank began operations on August 4, 1957, shortly after Ghana became independent from British colonial rule. Its creation gave the new country a national institution responsible for currency, banking, and monetary management rather than leaving those functions primarily with the colonial-era West African Currency Board.
The Bank of Ghana is Ghana’s central bank and issues the Ghanaian cedi. It also conducts monetary policy, supervises banks and other regulated financial institutions, and supports the stability of Ghana’s financial system. Its headquarters are in Accra.
The West African Currency Board is an important historical predecessor but was not Ghana’s independent central bank. Ghana Commercial Bank, now known as GCB Bank, is a commercial institution and is separate from the central bank.