Act 930 is the primary statute governing banking industry in Ghana.
This came into force on 14 September 2016 to repeal Act 673 Banking Act, 2004 (Act 673).
The new banking law has consolidated the laws relating to deposit-taking and regulates institutions that carry on deposit-taking business..
The Ghana Deposit Protection Act, 2016, (Act 931) was passed in October 2016.
The Act sets out the Legal framework for the Scheme and other related matters.
The Act also establishes the Ghana Deposit Protection Fund, and the Ghana Deposit Protection Corporation to operate the scheme..
The new banking law has consolidated the laws relating to deposit-taking and regulates institutions that carry on deposit-taking business.
It does not apply to credit unions and leasing companies that are licensed and supervised under Act 774 Non-Bank Financial Institutions Act, 2008..
The Bank of Ghana is mandated to regulate, supervise, and direct the banking and credit systems to ensure the smooth operation of a safe and sound banking system.
The Bank's mandates are enshrined in the Constitution of Ghana and the Bank of Ghana Act, 2002 (Act 612) as amended..
The Bank of Ghana shall have overall supervisory and regulatory authority in all matters relating to banking and non-banking financial business with the purpose to achieve a sound, efficient banking system in the interest of depositors and other customers of these institutions and the economy as a whole..
Banks and Specialised Deposit -Taking Institutions Act, 2016 Act 930 95 (2) The Bank of Ghana may approve mandatory debt restructuring if the Bank of Ghana determines that the restructuring, either alone or combined with recapitalisation, will restore the bank or specialised deposit- (3) The Bank of Ghana shall consider the extent to which the
The rules are the same for all banks regardless of their size or complexity
Summarise the primary statutes and regulations that govern the banking industry
Act 930 is the primary statute governing banking industry in Ghana
This came into force on 14 September 2016 to repeal Act 673 Banking Act, 2004 (Act 673)
Act 612 Bank of Ghana Act, 2002 establishes the BoG as the central bank of Ghana with a primary function to regulate, supervise and direct the banking system and credit system to ensure the smooth operation of a safe and sound banking system;
Banks and Specialised Deposit -Taking Institutions Act, 2016 Act 930 sions of this Act in relation to matters of capital, liquidity, corporate governance, lending and investments
(3) The Bank of Ghana may