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183 CENTRAL BANK
(1)
The Bank of Ghana shall be the Central Bank of Ghana and shall be the only authority to issue the
currency of Ghana.
(2)
The Bank of Ghana shall(a) promote and maintain the stability of the currency of Ghana and direct and regulate the
currency system in the interest of the economic progress of Ghana;
(b) be the sole custodian of State funds of Ghana both in and outside Ghana and may, by notice
published in the Gazette, authorise any other person or authority to act as a custodian of any
such fund as may be specified in the notice;
(c) encourage and promote economic development and the efficient utilisation of the resources of
Ghana through effective and efficient operation. of a banking and credit system in Ghana; and
(d) do all other things not inconsistent with this article as may be prescribed by law.
(3)
The Governor of the Bank of Ghana shall, for the purposes of this article, disallow any transaction or
transfer involving directly or indirectly, any foreign exchange whether in or outside Ghana, which is
contrary to law.
(4)
The following shall apply to the Governor of the Bank of Ghana (a) he shall be appointed by the President acting in consultation with the Council of State for
periods of four years each;
(b) he shall, notwithstanding article 285 of this Constitution be the chairman of the governing body
of the Bank of Ghana;
(c) his emoluments shall not be reduced while he continues to hold office as Governor;
(d) he shall not be removed from office except on the same grounds and in the same manner as a
Justice of the Superior Court of Judicature, other than the Chief Justice, may be removed.
184 FOREIGN EXCHANGE DEALINGS
(1)
The Committee of Parliament responsible for financial measures shall monitor the foreign exchange
receipts and payments or transfers of the Bank of Ghana in and outside Ghana and shall report on
them, to Parliament once in every six months.
(2)
The Bank of Ghana shall, not later than three months(a) after the end of the first six months of its financial year; and
(b) after the end of its financial year;
submit to the Auditor-General for audit, a statement of its foreign exchange receipts and payments or
transfers in and outside Ghana.
(3)
The Auditor-General shall, not later than three months after the submission of the statement
referred to in clause (2) of this article, submit his report to Parliament on the statement.
Ghana 1992 (rev. 1996)
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