From currency board to central banking: The Gold Coast experience

Abstract

A landmark institutional change in the evolution of the monetary and financial system of the west African sub-region, was the exit of the Gold Coast1 from the West African Currency Board (WACB) and the subsequent setting up of a Ghanaian central bank in 1957.2 Yet very little is known about the underlying forces at work that influenced this process.3 It is not the intention of this paper to attempt a belated contribution to the literature regarding the merits and demerits of establishing central banks in pre-independent or newly-independent developing countries in the 1950s and 1960s. Rather, an attempt will be made to unravel the various interests at work that influenced the establishment of a central bank for Ghana.

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