The History of Banking in Ghana

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Ghana is a nation in West Africa, sandwiched in between the Ivory Coast to the west and Togo to the east. It's bordered by Burkina to the north and the Gulf of Guinea to the south. Like many African nations, Ghana has seen its share of political and economic turmoil, and its banking system has been affected by these tumultuous times.

Early History

The first banking institutions were set up in British West Africa in the late 19th century. Backed by the London-run African Banking Corporation, the Bank of British West Africa was opened in 1894. West Africa and its banking institutions were controlled by the British until 1957.

Break from British Rule

In 1957, the Gold Coast gained its independence from British rule and officially adopted the name of Ghana. The nation was now free to form its own banking system and developed a new national currency. It created the Cedi.

Bank of Ghana

The Bank of Ghana, established in 1953 by the Bank of England, became the main banking institution in the country and oversaw issues of currency, business and personal banking. Further development and economic policies allowed the bank of Ghana to open branches across the nation.

Economic Crisis

In the early 1960s, Ghana suffered a serious economic crisis due to its socialist policies, including strict exchange control, trade deficits and import/export issues. This crisis continued until 1983 when a shift from economic socialism to a market economy occurred.

Recent History

Today, the banking system in Ghana has seen a wide range of policies implemented to keep up with the western world. 1989 saw the inception of the Ghana Stock Exchange, and Ghana has worked with the IMF (International Monetary Fund) to develop new, progressive policies.

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