BANK OF GHANA ACT - 2002 (ACT 612)

    Section - 4 - Functions of the Central Bank

    (1) The Bank shall for the purposes of section 3 perform the following functions:

    (a) formulate and implement monetary policy aimed at achieving the objects of the Bank;

    (b) promote by monetary measures the stabilization of the value of the currency within and outside Ghana;

    (c) institute measures which are likely to have a favourable effect on the balance of payments, the state of public finances and the general development of the national economy;

    (d) regulate, supervise and direct the banking and credit system and ensure the smooth operation of the financial sector;

    (e) promote, regulate and supervise payment and settlement systems;

    (f) issue and redeem the currency notes and coins;

    (g) ensure effective maintenance and management of Ghana's external financial services;

    (h) license, regulate, promote and supervise non-banking financial institutions;

    (i) act as banker and financial adviser to the Government;

    (j) promote and maintain relations with international banking and financial institutions and subject to the Constitution or any other relevant enactment, implement international monetary agreements to which Ghana is a party; and

    (k) do all other things that are incidental or conducive to the efficient performance of its functions under this Act and any other enactment.

    (2) The Board may by legislative instrument authorise any person to exercise the power of the Bank to regulate and supervise non-banking financial institutions.

    (3) An instrument issued under subsection (2) may include provisions relating to

    (a) inspection;

    (b) management audit; and

    (c) any other aspect of operation of non-banking institutions.

    (4) An instrument issued under subsection (2) shall be under the signature of the Governor.