August 3, 2016

Parliament has approved amendments to the Bank of Ghana (BoG) Bill, which now gives the State five per cent funding from the central bank instead of the zero per cent government and the bank requested.

The bill, which was approved on August 2, is expected to strengthen the bank’s functional autonomy, governance, and ability to respond to banking sector crisis while plugging loopholes identified in the existing Act, after receiving the presidential assent.

The amendments will, among other things, ensure the central bank submits a semi-annual monetary policy report to parliament to enable the house to properly exercise its oversight responsibility on the bank.

Story by