The Governor of Bank of Ghana (BoG), Dr. Ernest K. Addison has stated that the previous Governing Board of the Bank did not enjoy “honeymoon”.
According to him, when the previous Governing Board was inaugurated in August 2017 and members had to quickly meet to address the financial sector challenges.
“That Board had no ‘honeymoon’, and I believe this reconstituted Board is also coming in at a time when the covid-19 pandemic has challenged the conduct of monetary policy and the quest for safeguarding financial stability.”
Dr. Ernest K. Addison
Dr. Ernest Addison, in his inauguration speech, noted that BoG has been a crucial organization involved in the development of the country since independence.
Following the President’s inauguration of the new Governing Board, the Governor of BoG expressed his gratitude to President Akuffo-Addo for the confidence entrusted in the board.
“On behalf of the members of the newly appointed Board of Directors of the Bank of Ghana, and myself as the chairperson of the Board, I extend our warmest appreciation for the confidence reposed in us.”
Dr. Ernest K. Addison
Dr. Ernest Addison assured the President of the Board’s commitment to deliver on the mandate assigned to them.
President Inaugurates Governing Board of Bank of Ghana
The President of Republic of Ghana, His Excellency Nana Addo Dankwa Akuffo-Addo admitted the Governing Board of Bank of Ghana into office on August 20, 2021, at the Jubilee House.
As specified by section 9 of the Bank of Ghana Act, 2002, the Governing Board shall formulate policies necessary for the achievement of the Bank’s objective.
A press release by the Central Bank revealed that the Board consists of the Governor of Bank of Ghana, Dr. Ernest K. Addison, First Deputy Governor of the Bank of Ghana, Dr. Maxwell Opoku-Afari and Mrs. Elsie Addo Awadzi, Second Deputy Governor of Bank of Ghana.
Other members include Minister of State at Ministry of Finance, Charles Kofi Adu Boahen, Dr. Kwame Owusu-Nyantekyi, Dr. Samuel Nii-Noi Ashong, Mr. Jude Kofi Bucknor and Mr. Joseph Blignam Alhassan.
The rest are Mr. Andrew Adinorte Boye-Doe, Mrs. Comfort Ocran, Dr. Regina Adutwum, Ms. Angela Kyerematen-Jimoh and Professor Eric Osei Assibey.
The Governing Board shall be chaired by the Governor of Bank of Ghana.
Section 10 of the Bank of Ghana Act, 2002 indicates that members of the Governing Board shall hold office up to 3 years, except the Governor of the Bank of Ghana and the 2 other Deputy Governors. However, the members are qualified to be re-appointed.
Meetings of the Board
In line with section 14 of the Bank of Ghana Act, the Governor is obliged to call for board meetings not less than once in a month but as often as conditions may require.
Subsection 2 (a) and (b) indicates that the Governor of the bank of Ghana shall preside over Board meetings. However, in the absence of the Governor, the First Deputy shall preside.
Also, in a case where the First Deputy Governor of the Bank of Ghana does not appear, the Second Deputy Governor chairs the meeting.
Non-considerate qualifications of members
A person may not be suitable to become a member of the Governing Board if that person is not a citizen of Ghana.
Also, if the person nominated to become a member of the board has been convicted with a felony or an offence including dishonesty, he or she shall not be eligible to become part of the Governing Board.
Meanwhile, a person pronounced to possess unsound mind is unqualified to become a member of the board.
Subsequent to the approval of a person to become a member, he or she shall be removed from office in the case where evidence shows he or she is in breach of the above rules mentioned.
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