Which institution is the central bank of Ghana and began operations in 1957?

The Bank of Ghana is Ghana's central bank and began operations in 1957.

Its creation coincided with Ghana's independence from British colonial rule on March 6, 1957. The bank replaced the West African Currency Board's regional arrangements with a national monetary institution designed for the new independent state. It initially operated from offices in Accra.

The Bank of Ghana issues Ghana's currency, the cedi, and conducts monetary policy. Its responsibilities also include supervising banks and other regulated financial institutions, managing foreign reserves, and promoting financial stability. The bank's work is central to maintaining confidence in Ghana's payment and financial systems.

A frequent confusion is between the Bank of Ghana and Ghana Commercial Bank, which is a commercial banking institution. The former is the country's central bank; the latter provides banking services to individuals and businesses.