As Ghana marks a month-long reflection on heritage, culture, and tradition, we revisit a defining moment of hope, financial freedom, and transformation — the establishment of the Bank of Ghana, which continues to stand tall in the country’s economic journey.

The Bank of Ghana was established on March 4, 1957, two days before Ghana gained independence. It was founded to anchor the nation’s financial sovereignty and chart a stable path toward economic recovery and self-determination.

Over the decades, the Bank has had 16 Governors who have steered its affairs through periods of growth, reform, and modernisation. Each era brought new challenges, yet the Bank’s core mandate — to formulate and implement monetary policy and ensure price stability — has remained steadfast.

FLASHBACK: The story behind the formation of the first Ghanaian-owned bank

Just four months after independence, Alfred Engleston was appointed as the first Governor of the Bank of Ghana. Under his leadership, the Bank assumed control of currency management and, in July 1958, issued Ghana’s first national currency, the cedi, replacing the old West African currency notes.

On August 1, 1957, Ghana’s central bank officially opened its doors for operations following its establishment under the Bank of Ghana Ordinance No. 34 of 1957.

Currently, the Central Bank is governed by Dr Johnson Asiama, who was appointed by President John Dramani Mahama in February 2025, following his nomination and approval by the Council of State. He is supported by two deputies, Dr Zakari Mumuni and Matilda Asante-Asiedu.

Although the Bank of Ghana is wholly owned by the Government of Ghana, government shareholding stood at 51.17 percent in 1996.

Since its inception, the Bank of Ghana has played an instrumental role in controlling inflation and maintaining financial stability. It has also strengthened regulation within the banking sector and safeguarded public confidence in the financial system.

As part of GhanaWeb’s Sankofa Series, reflecting on the past to move forward — the history and legacy of the Bank of Ghana underscore the importance of strong financial institutions in driving Ghana’s national development.

SP/MA

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