As soon as local politicians and economists saw political independence in sight in the mid 's the agitation for a central bank was revived. The contents of all 'Chat' messages should not be construed as advice and represent the opinions of the authors, not those of London South East Limited, or its affiliates. Edit Symbol List Symbol Lookup. April  .
It is essential to our own independence that we have a government-owned bank and that the central bank follows a policy designed to secure our economic independence and to further the general development of our country.
The opening ceremony paved the way for the Bank to commence formal banking operations on 1st August , when the Banking Department opened for business.
The Issue Department did not commence operations until July The Bank of Ghana has since undergone various legislative changes. The Bank of Ghana Ordinance No. His Deputy Governor was one Mr. Stone, another renowned British central banker also on secondment from Bank of England. The general administration of the Bank was entrusted in the hands of a seven-member board of directors under the Chairmanship of the Governor.
The first Board was as follows: Alfred Eggleston Chairman Douglas F. Stone Deputy Governor R. The Governor and his Deputy were each appointed for a term of five years and were eligible for reappointment. Those two officials were answerable to the Board for their acts and decisions in the course of general administration of the affairs of the Bank. The Board itself was also answerable to the Ministry of Finance for efficient management of the Bank.
The other directors of the Board were also appointed by the Prime Minister with the approval of the Governor of the Gold Coast for a term of three years, subject to renewal. The Bank commenced business with six main departments namely: The departments were run by the managers in accordance with policies and decisions arrived at by an in-house Management accordance with policies arrived at by an in-house Management Committee comprising the Governor, the Deputy Governor and three or four heads of department appointed by the Governor.
There was also the Post Office Savings Bank POSB , which was, in fact, not a bank by definition; it was only an institution set up by the government to mobilise public savings through the agency of the numerous post offices in the country, for investment in government paper.
Relations with the other banks in the system were set out under sections 39 — 42 of the Ordinance. Enter up to 25 symbols separated by commas or spaces in the text box below. These symbols will be available during your session for use on applicable pages. Don't know the stock symbol?
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