The Member of Parliament for Bolgatanga Central, Isaac Adongo, has been appointed by President John Mahama as a member of the governing board of the Bank of Ghana.
This appointment was confirmed in a statement from the presidency, announcing the constitution of a 12-member board for the central bank.
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The statement, dated Wednesday, 26th February, and signed by the Minister of State in charge of Government Communications, Felix Kwakye Ofosu, indicated that the decision was made by the President in consultation with the Council of State, in accordance with Article 70(1)(d)(iii) of the Constitution and Section 8 of the Bank of Ghana Act, 2002 (Act 612), as amended by the Bank of Ghana (Amendment) Act, 2016 (Act 918).
The 12-member governing board will be chaired by the Governor, Dr Johnson Asiama, with Isaac Adongo serving as an economist.
The governing body of the Bank is the Board of Directors, as stipulated in the Bank of Ghana Act, 2002 (Act 612).
The Board consists of the Governor, who also serves as the Chairman, two Deputy Governors, and ten Non-Executive Directors.
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The Board is appointed by the President of the Republic of Ghana, in consultation with the Council of State. The Governor and the two Deputy Governors are appointed for a term of four years and are eligible for reappointment. The Non-Executive Directors hold office for a period of three years and are also eligible for reappointment.
The Board is responsible for formulating policies necessary for achieving the Bank’s objectives, which include:
Maintaining stability in the general level of prices.
Ensuring the effective and efficient operation of the banking and credit systems.
Supporting general economic growth.
