Bank of Ghana
||Brief Historical Background
The Central Bank of Ghana traces its roots to the Bank of the Gold Coast (BCG), where it was nurtured. As soon as local politicians and economists saw political independence in sight in the mid 1950’s the agitation for a central bank was revived. It was argued that a central bank was one institution which would give true meaning to political independence. It may be recalled that way back in 1947 some leading politicians had called for the establishment of a national bank with central bank functions to act as banker to government and to cater for the indigenous sector of the economy.
Proposals of the advocates for a central bank were accepted and in early 1955 another Select Committee was set up by the Government to take a new look at the Trevor Report and prepare the grounds for the establishment of a central bank in Ghana. Fortunately, the BGC had already set the stage for central banking: all that was needed was specially trained personnel in central banking and suitable accommodation for the bank to take off.
By the end of 1956, all was set for the establishment of the Bank of Ghana. A new and modern five-storey building had been put up on the High Street, adjacent to the Accra Metropolitan Assembly (AMA) to house both the Bank of Ghana and the Ghana Commercial Bank (GCB).
The Establishment of Bank of Ghana, 1957
On the 4th March 1957, just two days before the declaration of political independence, the Bank of Ghana was formally established by the Bank of Ghana Ordinance (No. 34) of 1957, passed by the British Parliament. Frantic preparations then began to put in place an organisational structure for the new central bank. By the middle of July 1957, all was set for the official commissioning of the new Head Office of the Bank on the High Street.
In his opening address at the end of July 1957, the then Leader of Government Business (Prime Minister) stated with pleasure that the occasion marked the beginning of independent monetary administration in the newly independent Ghana – a cherished dream had at long last become a reality. The Leader of Government Business had put the aspiration of the country in establishing the central bank as follows: “In the modern world a central bank plays a very important and decisive role in the life of a country. It is essential to our own independence that we have a government-owned bank and that the central bank follows a policy designed to secure our economic independence and to further the general development of our country.”
The principal objects of the new central bank, as enshrined in the 1957 Ordinance, were “to issue and redeem bank notes and coins: to keep and use reserves and to influence the credit situation with a view to maintaining monetary stability in Ghana and the external value of the Ghana pound; and to act as banker and financial adviser to the Government.
The opening ceremony paved the way for the Bank to commence formal banking operations on 1st August 1957, when the Banking Department opened for business. The Issue Department did not commence operations until July 1958.
The Bank of Ghana has since 1957 undergone various legislative changes. The Bank of Ghana Ordinance (No.34) of 1957 was repealed by the Bank of Ghana Act (1963), Act 182. This Act was subsequently amended by the Bank of Ghana (Amendment Act) 1965, (Act 282).The Bank of Ghana Law, 1992 PNDCL 291 repealed Acts 182 and 282.
The current law under which the Bank operates is the Bank of Ghana Act, 2002 (Act 612)
Ghana Commercial Bank
Ghana Commercial Bank is a general bank with headquarters in Accra. Listed on the Ghana Stock Exchange. A big organisation with a nation wide network and an office in London.
SSB Bank Ltd.
||General bank with headquarters in Accra. Listed on the Ghana Stock Exchange. One of the major banks in Ghana, formerly known as Social Security Bank Ltd. SSB has several subsidiary companies for specific operations, i.e. Consumer Credit Limited.
Stanbic Bank Ghana
On November 2 1992 Standard Bank Investment Corporation (SBIC) acquired operations of ANZ Grindlays Bank (African arm of ANZ Grindlays Industrial Holdings (ANZ Holdings) a company registered in the UK). The acquisition included ANZ Grindlays' minority interest in banks in Nigeria (40%) and Ghana (30%).
When, in 1993, SBIC changed the names of those banks acquired from ANZ Grindlays a year earlier, to Stanbic Bank with effect from 1 July 1993, Merchant Bank Ghana remained unchanged.
SBIC Africa Holdings Ltd disposed of its 30% shareholding in the Merchant Bank (Ghana) Ltd (MBG) from 31 May 1999. MBG, therefore, ceased to be an associate company of the Standard Bank Group and was to be treated like any other bank. Stanbic Bank applied to the Ghanaian authorities for permission to establish a new bank under their umbrella, called Stanbic Bank Ghana Ltd, which will offer full commercial and merchant banking services. Stanbic Bank Ghana Ltd opened for business in December 1999.
Standard Chartered Bank
||Standard Chartered Bank Ghana Limited has been in operation since 1896, when it was known as the Bank of British West Africa. The Bank is 80% owned by Standard Chartered PLC, and the remainder of the stock is owned locally and traded on the Ghana Stock Exchange. We are the oldest bank in Ghana, and ranked consistently amongst the top three banks, locally. We provide a wide range of services in the consumer and corporate and institutional banking sectors, including comprehensive trade finance, cash management services and foreign exchange products through our treasury operations. We have 19 branches and two agencies located in the main regions of the country. These are fully computerized and networked, with automated teller machines are located at most branches.
Corporate and institutional banking services are provided in three main locations in Accra (covering Tema, Kumasi and Takoradi). The currency of Ghana is the Cedi (SWIFT Code GHC), which is allowed to float against all currencies.
Principal Office Address:
Accra High Street PO Box 768
Tel: +233 21664591-8 Fax: +233 21667751
Chief Executive Officer: Hemen Shah
Local time: GMT
Population: 22.9 million
Currency name: Cedi (GHC)
Number of branches/offices: 19
Branch opening hours: 8:30am-5:00pm Mon-Fri
(Opeibea, Ring Road, High Street, Tema, Osu, Abeka, Legon, Spintex, Harper Road, Kejetia, Harper Road, Obuasi, Tarkwa, Tamale,Techiman, Takoradi Harbour, Tudu, Korle Dudor, and Dansoman branches)
Office opening hours: 8:00am-5:00pm Mon-Fri
Number of staff: 729
Checklist of Services
Review of Operations
Standard Chartered Bank Ghana offers a wide range of personal banking products and services nationwide through a network of 19 branches, 6 excel centres, 1 agency on the Kwame Nkrumah University of Science And Technology Campus and alternate channels such as ATMs, call centres, transactional banking, debit cards, personal loans, and SMS banking. Standard Chartered Bank is the only bank which has 2 SME centres in the country.
Customers enjoy the privilege of a banking partner that is flexible and tailors solutions to take care of their specific banking needs. Standard Chartered services are backed by a strong commitment to providing its customers with effective and reliable banking services and out serving their expectations
Standard Chartered Bank offers its corporate and institutional clients comprehensive banking solutions with particular emphasis on relationship banking
Corporate clients benefit from a full range of flexible financial propositions that address individual needs
Clients can access traditional as well as structured products in the areas of lending, trade finance, cash management and treasury. Customers also have access to cross-border payments, treasury services, transaction banking and custodial services - all supported by electronic funds transfer and cash management systems
Wholesale Banking provides innovative solutions to address the needs of valued customers. An extensive knowledge of international markets combined with a deep local insight puts the Bank in a unique position to provide quality advice and information on currencies, interest rates and risk management. The Bank has always been at the forefront of creative product offerings. Products offered include foreign exchange forwards and spots, high-yield deposits and foreign currency options. The Bank is an authorized Foreign Exchange Dealer of the Central Bank
Points of Interest-Awards in the Last 5 Years
Euro money Best Bank Award for 2003
Ashanti Financial Services Award – 2003
Gold - Overall Best Bank
Gold - Export Finance
Gold - Constructive Finance
Bronze - Industrial Finance
Ghana Banking Awards 2003
Best Bank Product Innovation
Corporate Social Responsibility
hana Banking Awards 2006
Best Bank - Trade Finance
Best Bank - Financial Performance
The Bank Awards 2004
Bank of the year
Chartered Institute Of Marketing Ghana Awards 2006
Bank of the Year
Chartered Institute Of Ghana Marketing Awards 2006
Bank of the Year
Euromoney Excellence Awards 2007
Best Bank Ghana
Ghana @50 Golden Jubilee Business & Financial Services Excellence Awards 2007
Gold Award for outstanding contribution to the economic and social development of Ghana
Standard Chartered's community work in Ghana has led the way within and outside the Group. The Bank's 100 wells for 100 communities project has been cited as best practice within the country as a standard for responsible business
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