Akufo Addo inaugurates governing board of the Bank of Ghana. Who are they? And which role do they play?

On Friday, 20th August 2021, President Nana Addo Dankwa Akufo-Addo, swore in the Governing Board of the Bank of Ghana at Jubilee House. He praised the Bank of Ghana under the leadership of Governor Ernest Addison for their contribution to the government’s transformation agenda.

“I welcome all of you to Jubilee House, the seat of the nation’s presidency and I congratulate the Governor, ex-officio the chairperson, and members of the newly constituted board of the Bank of Ghana on their well-deserved appointment,” Akufo Addo said.
“I am pleased not only to have sworn into office members of the board of the Bank of Ghana a few moments ago but also to have this opportunity to comment on the invaluable contribution of the bank to the transformation agenda of the government,” he further stated.

The Governing board of the Bank of Ghana
The governing board of the Bank of Ghana is the bank’s Board of Directors which consists of the Governor, who doubles as the Chairman, two (2) Deputy Governors, and ten (10) Non-Executive Directors. This makes a total of 13 Board of Directors.
The Governor and the two Deputy Governors are appointed for a 4-year term and are eligible for re-appointment. On the other hand, the ten (10) non-executive directors are appointed for a 3-year term and are also eligible for re-appointment.

Members of the 13 Board of Directors include:

1. Dr Ernest Addison – Governor (Chairman)
2. Dr Maxwell Opoku-Afari – 1st Deputy Governor
3. Mrs Elsie Addo Awadzi – 2nd Deputy Governor
4. Mr Charles Adu-Boahen – External Director
5. Dr Kwame Owusu-Nyantekyi – External Director
6. Dr Samuel Nii Noi Ashong – External Director
7. Mr Jude Kofi Bucknor – External Director
8. Mr. Joseph B. Alhassan – External Director
9. Mr Andrew Boye-Doe – External Director
10. Mrs Comfort Ocran – External Director
11. Dr Regina Adutwum – External Director
12. Ms Angela Kyerematen-Jimoh
13. Professor Eric Osei-Assibey

The above listed Board of Directors according to the Bank of Ghana is “responsible for formulating policies necessary for the achievement of the Bank’s objectives which are:

• To maintain stability in the general level of prices;
• To ensure effective and efficient operations of the banking and credit systems and support general economic growth.”

The governing board serves under various committees of which include:

• Audit
• Human Resource, Corporate Governance, and Legal
• Economy and Research
• Strategic Planning and Budget