Accra: When the Bank of Ghana makes a move, the effects can go far beyond the banking sector. They can eventually affect you. But what exactly is the central bank responsible for? The Bank of Ghana (BoG) has explained its role and why it is different from the commercial banks Ghanaians use every day.
According to Ghana Web, in a video released by the Bank of Ghana, the central bank explained its role in Ghana's economy and clarified that it does not operate like commercial banks such as GCB Bank, Ecobank or Fidelity Bank. Unlike commercial banks, the Bank of Ghana does not open accounts for the general public or provide personal loans to individuals.
The central bank said its main responsibility is to manage and protect the country's financial system and support economic stability. According to the BoG, it has three main objectives under the law.