Banking regulation—Ghana—Q&A guide

The following Financial Services practice note provides comprehensive and up to date legal information covering:

  • Banking regulation—Ghana—Q&A guide
  • 1. What are the principal governmental and regulatory policies that govern the banking sector?
  • 2. What are the defining characteristics of a bank to be caught by the banking laws and regulations? Is non-bank fintech regulated differently?
  • 3. Do the rules vary depending on the size or complexity of the banking institution?
  • 4. Summarise the primary statutes and regulations that govern the banking industry.
  • 5. Which regulatory authorities are primarily responsible for overseeing banks?
  • 6. Describe the extent to which deposits are insured by the government. Describe the extent to which the government has taken an ownership interest in the banking sector and intends to maintain, increase or decrease that interest.
  • 7. Which legal and regulatory limitations apply to transactions between a bank and its affiliates? What constitutes an ‘affiliate’ for this purpose? Briefly describe the range of permissible and prohibited activities for financial institutions and whether there have been any changes to how those activities are classified.
  • 8. What are the principal regulatory challenges facing the banking industry?
  • 9. Are banks subject to consumer protection rules?
  • More...

Banking regulation—Ghana—Q&A guide

This Practice Note contains a jurisdiction-specific Q&A guide to banking regulation in Ghana published as part of the Lexology Getting the Deal Through series by Law Business Research (published: February 2021).

Authors: Nobisfields—Theophilus Tawiah; Peggy Addo

1. What are the principal governmental and regulatory policies that govern the banking sector?

Within the past three years, the Bank of Ghana (BoG) undertook banking sector reforms to strengthen and to inspire confidence in the financial system. This led to a number of banks and specialised deposit-taking institutions (SDIs) having their licences revoked. The BoG announced that the banking- and SDI-sector reforms have been concluded. However, the government of Ghana will continue to pursue a policy that provides appropriate mechanisms to minimise financial system instability and deal with emerging risks using effective supervision and regulatory measures. Through the policy, the government seeks to make the financial sector of the country the preferred source of finance for domestic companies and further develop, strengthen and modernise the financial sector to support the government's economic vision and transformational agenda. The BoG supports the general economic policy of the government by promoting economic growth, effective and efficient operation of banking and credit systems in the country. The BoG, to create a stable and efficient financial system, still has the following on its agenda:

  1. increased disclosure requirements for financial institutions in line with

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