Since then, the Bank has epitomized and embraced new thinking on monetary policy formulation, driven by those privileged to serve the Bank at the highest level—some of whom are with us here now. 6. Ladies and Gentlemen, it has been sixty years and the Bank is now operating in a different statutory and macroeconomic context.
To respond to changing domestic conditions and developments in central banking and monetary policy globally, the Bank of Ghana Act 2002, Act 612, which was passed to bestow operational independence on the central bank, was amended in 2016 to further reinforce and re-focus its policies and mandate on price and financial stability.