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(1) The Bank of Ghana shall be the Central Bank of Ghana and shall be the only authority to issue the currency of Ghana.

(2) The Bank of Ghana shall-

(a) promote and maintain the stability of the currency of Ghana and direct and regulate the currency system in the interest of the economic progress of Ghana;

(b) be the sole custodian of State funds of Ghana both in and outside Ghana and may, by notice published in the Gazette, authorize any other person or authority to act as a custodian of any such fund as may be specified in the notice;

(c) encourage and promote economic development and the efficient utilization of the resources of Ghana through effective and efficient operation. of a banking and credit system in Ghana; and

(d) do all other things not inconsistent with this article as may be prescribed by law.

(3) The Governor of the Bank of Ghana shall, for the purposes of this article, disallow any transaction or transfer involving directly or indirectly, any foreign exchange whether in or outside Ghana, which is contrary to law.

(4) The following shall apply to the Governor of the Bank of Ghana -

(a) he shall be appointed by the President acting in consultation with the Council of State for periods of four years each;

(b) he shall, notwithstanding article 285 of this Constitution be the chairman of the governing body of the Bank of Ghana;

(c) his emoluments shall not be reduced while he continues to hold office as Governor;

(d) he shall not be removed from office except on the same grounds and in the same manner as a Justice of the Superior Court of Judicature, other than the Chief Justice, may be removed.