1. Colonial period (1896 – 1957)
2. Era of Dual Banking (1957 – 1983)
3. Economic Recovery Programme Era (1983 – 2000)
4. Era of Globalisation and Intense Competition (2000–Present)

There was the Bank of British West Africa and Colonial Bank to serve the objectives of the colonial government.

1. The Bank of British West Africa, now Standard Chartered Bank, was set up on 16^th June, 1896.
2. The Colonial Bank was set in 1917.

There was the establishment of the Bank of the Gold Coast under Bank of the Gold Coast Ordinance of 1952. This was in response to a clamour for indigenous institution to serve locals.

There was establishment of the Bank of Gahan on 4^th March, 1957 under the Bank of Ghana Ordinance (No. 34) of 1957

The economic policy was the creation of a socialist society where the key factors of producing, including the provision of banking services, were controlled and owned by the state.

There was the establishment of various banks by the parliament. Among others, there was establishment of National Investment Bank and Agricultural Development Bank.

The Bank of Ghana Act, 1963 (Act 182) was also passed in this period. It provided that the Bank of Ghana established under the colonial period shall continue to operate.

Economic Problems:

1. There were decisions taken in 1979 and 1982 to confiscate private deposits as part of currency conversion exercises.
2. There was also poor economic management during the 1970s and early 1980s.

Economic Recovery Programme as a Response:

In 1983, Ghana adopted an Economic Recovery Programme (ERP) to promote macroeconomic stability. This was supported by:

1. The Financial Sector Adjustment Credit (FINSAC I) from 1988–1991, And
2. The Financial Sector Adjustment Credit (FINSAC II) from 1992–1994.

Under FINSAC I, the following were done:

1. New banking act to replace the Banking Act, 1970 (Act 339). The new Act was Banking Law, 1989 (PNDCL 225)
2. Improved banking supervision.
3. Bank restructuring.

Among others, FINSAC II was aimed at continuing the bank restructuring under FINSAC I, reduce public sector share holding in Ghanaian banks, strengthen the capacity of Bank of Ghana to discharge its functions.

This era is characterised by:

1. Introduction of several laws to regulate banking and the financial system.
2. The introduction of major technological innovations into the banking space such as electronic banking, mobile money platforms, and Automated Teller Machines.
3. Influx of foreign banks such as Zenith Bank, United Bank of Africa, First Atlantic Bank, among others.