The Bank of Ghana is Ghana’s central bank, established shortly before the country became independent in 1957.
The institution was established on 4 March 1957, two days before Ghana’s independence from British rule on 6 March. It replaced the West African Currency Board’s role in Ghana and became responsible for the country’s monetary and banking system.
The Bank of Ghana has authority over monetary policy and regulates banks and other financial institutions. It also manages Ghana’s foreign-exchange reserves and helps maintain stability in the financial system. The bank’s headquarters are in Accra.
The Bank of Ghana should not be confused with Ghana Commercial Bank, now known as GCB Bank, which is a commercial banking institution. Another nearby fact is that Ghana introduced the cedi as its currency in 1965, replacing the Ghanaian pound, shilling and pence system.