This third compilation of banking and financial laws of ghana brings together all laws pertaining to the banking and financial industry passed between 2006 and 2008. Developments in the banking sector created the need for a new banking bill. The bank of ghana bog shall support the general economic policy of the government by promoting economic growth, effective and efficient operation of banking and credit systems in. In ghana, under the laws establishing the sfo now eoco, and the narcotics control act, the bank is obliged to disclose information about a customers account where warranted by these institutions. The request must be in writing and addressed to the bank. Section 391 section 93 of the companies code all pages. The ghana commercial bank was established in 1953 as the first indigenous bank to reduce the control of the banking sector by the two expatriate banks. Many are concerned about the impact of these directives and legislations on banking activities and whether these directives are achieving the objectives backing them. Banking and financial laws of ghana 1998 2006 laws. This third compilation of banking and financial laws of ghana brings together all laws pertaining to the banking and financial industry passed between 2006.
Summarise the primary statutes and regulations that govern the banking industry. Ghana banking regulation getting the deal through gtdt. Project finance 2019 laws and regulations ghana iclg. The banking act, 1970, of ghana journal of african law.
Significant and rapid changes in the financial system over the past two years has necessitated the promulgation of new laws and regulations, hence the need to. Financial sector reforms and bank performance in ghana t. Below is a list of commercial banks in ghana, as of. The enactment of the new banking law brought more discipline to the banking sector. Banking and finance lawyers, law firms in ghana for every. Before july, 1970, the bank of ghana was given a certain amount of control over the operations of banking institutions by sections 2935 of the bank of ghana act, 1963 act 182. The legislature in july 2016 passed into law, the ghana deposit protection act, 2015 to protect a small depositor from losses incurred as a result of the occurrence of an insured event. The changing face of banking in ghana and the implications. Duties of liquidator section 36 to 42 of act 180 conversion of private liquidation to official liquidation. The first compilation of banking and financial laws of ghana sought to bring together, in one volume, all the laws pertaining to the banking and financial industry in ghana for, among other objectives, ease of reference. Significant and rapid changes in the financial system over the past two years has necessitated the promulgation of new laws and regulations, hence the need to put.
Pdf impact of financial reforms on the banking system in. An act to amend and consolidate the law relating to the bank of ghana and to provide. Company law article index company law commencement of business. Law relating to banking chartered institute of bankers. A company secretary can work as a compliance officer in a banking and financial institution and play an important role in ensuring compliance. This included passing the payment systems law in 2003, introduction of the. Amid a blaze of publicity, the bog acted swiftly to revoke unibanks licence and the licences of four other local banks it deemed insolvent beige bank, sovereign bank, construction bank and the royal bank and merged their assets into a new wholly stateowned entity, the consolidated bank ghana ltd cbg. The legal framework of banking business in ghana journal of. Since 2003, the banking industry in ghana has experienced significant changes due mainly to the introduction of universal banking laws that replaced the threepillar banking model development, merchant and commercial banking. Below is a list of other banks in ghana as at march 2020. Subsequent to the end of the country partnership strategy cps fy fy 18, the world bank group prepared a systematic country diagnostic scd in march 2018. Core business is the category of business to engage in which a licence has been issued to a non bank financial institution by the bank of ghana. Among the reasons for the current bill banks and special deposit taking institutions bill are.
Balancing inclusive growth with financial stability 4 all the banks in ghana are class i universal banks doing business across all areas of banking. Where the law of a country requires a person who marries a citizen of that counry to renounce the citizenship of his own country by virtue of that marriage, a citizen of ghana who is deprived of his ciship of ghana by virtue of that marriage shall, on the dissolution of that marriage, become a citizen of ghana. Banking laws and regulations ghana laws and regulations gli. Banks and special deposit act, 2016 act 930 date of assent. Although not all such institutions were regulated by the bank of ghana bog, capacity building, oversight and monitoring support from mfi associations and donorsupported programs helped ensure stable growth.
Strengths, weakness, opportunities and threats john kwaku mensah mawutor1 abstract the ghanaian financial sector in retrospect has gone through series of changes in its legislative instruments giving the sophisticated and innovative nature of contemporary banking. Project finance laws and regulations ghana covers common issues in project finance laws and regulations including security, bankruptcy, restrictions, insurance and arbitration in 31 jurisdictions. Law relating to banking chartered institute of bankers, ghana. In sel ecting the sample, the ghana police cid and one lecturer in a university of ghana business school were consulted. Immediately after independence in 1957, the bank of ghana was established to take control over the management of the countrys currency. How ghana is working to improve the banking sector world. Introduction to banking law article index banking law. Official pdf, 51 pages world bank documents world bank group. If you wish to enquire as to whether this country chapter is available in a previous edition of energy in print or pdf format, contact us here. The blacks law dictionary1 defines money laundering as the act of transferring.
Know ghanas legal nuances and perspective march 2, 2020. Law of banking, negotiable instruments and insurance. Companies code, 1963 act 179 report of the commission of enquiry into the working and administration of company law in ghana 1961 gowers report paul davies, gowers principles of company law 6th edition robert r. The key legal framework for supervision of banks in ghana is the banking act 2004 act 673 as amended. Impact of financial reforms on the banking system in ghana.
The bank of the british west africa and barclays banks were the only banks operating in the gold coast during the period, 1920 1950. Datacenta limited is an electronic publishing company that has computerized ghanaian legal materials on cdrom and on the internet. The banks and specialised deposittaking institutions act. The world bank country program in ghana was coordinated with other development partners through the preparation of the systematic country diagnostic scd. Banking and financial laws of ghana 1998 2006 part i the bank of ghana, its objects and shares. Financial sector reforms, competition and banking system. Labour act, 2003 international labour organization. The firm is regulated and authorised by the general legal council of ghana to provide legal services. Dec 12, 2009 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. In ghana, ensafrica is a tier one firm in all practice areas but has been particularly active in the banking and capital markets areas. Definitions ancillary business is any of the financing activities engaged for by non bank institutions in credit business icbs, which a licensed icb undertakes additional to its core business. Overview of the banking industry the banking system as at end march 2016 comprises the bank of ghana, 29 universal banks excluding arb apex bank which is a minicentral bank for rural banks, 9 rural and community banks, 61 nbfis, and 555 mfis. Per inrvine v union bank of australia 1877 2 app cas 366 factual question per.
Ghana if it is authorized to do so under its license and it there exists an agreement between the government and that other country. This page contains listing of free law books online textbooks and tutorials they are downnloadable or for viewing online in the html pdf zip chm or rar file formats. Head of banking supervision and supervision of financial institutions. It is indubitably one of the leading business law firm in ghana, undertaking work for the leading multinational companies and organisations doing business in ghana. Financial sector reforms and bank performance in ghana. Law of property 3rd year semester 1 core subject property law breach of contract. In banking work recently the firm advised lenders on loans, project financings and refinancing work. Law of banking, negotiable instruments and insurance prepared by fasil alemayehu and merhatbeb teklemedhn 3 this teaching material, which is prepared and presented in the form of a compilation, is organized in three parts based on the three areas of law it incorporates, i. Nobisfields is a corporate and commercial law firm in accra, ghana. Pwc 2017 ghana banking survey 2 vish ashiagbor country senior partner t hat we chose for this years banking survey a theme that focuses on bank capital in particular, risk based minimum regulatory capital is, itself, not surprising.
In ghana, under the laws establishing the sfo now eoco, and the narcotics control act, the bank is obliged to. Boc banking on change bog bank of ghana care cooperative for assistance and relief everywhere cbf capacity building fund rafip cgap consultative group to assist the poor crs catholic relief services cu credit union cua ghana cooperative credit unions association edaif export trade, agricultural and industrial development fund. Integrated legal consultants is a fullservice law firm located in accra, ghana and serves the ghanaian and west african communities and a network of international clients. Practice areas include corporate and commercial law, banking and finance, securities and investment law. Emerging developments in the banking industry of ghana. Pwc 2016 ghana banking survey 4 t he level of awareness and trust so far exhibited by participants in the mobile money industry especially those in the informal sector who account for the larger proportion of the unbanked ghanaian population gives hope that.
Banking laws and regulations seek to pr omote policies that. Act 540 1997 ghana port and harbour authority law maritime zones delimitation act, 1986 national road safety commission act. The bank of ghana has through recent directives announced measures to streamline certain banking operations including the taxation of certain banking transactions. Determinants of mobile banking adoption in the ghanaian.
It will give you a detailed knowledge and the legal principles affecting insolvency and security. Ghana civil aviation authority law ghana maritime authority act, 2002 ghana maritime security act, 2004 ghana ports and harbours authority act, 1986 ghana shipping act, 2003 ghana highway authority act. Introduction money laundering known in latin pecuniam lavare simplistically is the process of disguising, masking, masquerading and concealing the source andor true nature of money obtained through illegal means. The regulatory and legal framework within which banks, non bank financial institutions as well as forex bureaux operate in ghana are the following. Former bank of ghana officers or directorssenior executives shall not be eligible for appointment as a director of a regulated financial institution until after a period of two 2 years have. Parliament of the republic of ghana banking act 2004 act 673.
It enables you to make sound business decisions based on your knowledge of banks an customer rights and duties and the law relating to cheques and other payment systems. The banking system had suffered severe shallowing together with widespread bank. The subject this course gives you a clear understanding of the legal principles, underlying the provision of financial services. During the time i served as legal director and company secretary for kasapa telecom later expresso telecom and subsequently dolphin telecom, i started this this highly successful companyfunded program of educating board members on the unique legal. Ghanas financial system has gone through a process of liberalization, restructuring and transformation over the last two decades. Financial sector reforms, competition and banking system stability in subsaharan africa jennifer moyo african development bank boaz nandwa dubai economic council jacob oduor african development bank anthony simpasa african development bank paper presented at the joint resspr conference on macroeconomic challenges facing. Act 930 of the banks and specialised deposittaking institutions act 2016 is the. To consider and propose reforms of the laws relating to banking business.
The banking act 2004 act 673 is an act passed by the parliament of the republic of. Accra, ghana banking and finance lawyers and law firms. The bank of ghana with its greater power has improved. Our products include consolidated statutes of ghana, acts of the fourth republic of ghana, ghana law reports, index to the law reports, the law journals of ghana, univ. Bank regulation is a form of government regulation which subjects banks to certain requirements, restrictions and guidelines, designed to create market transparency between banking institutions and the individuals and corporations with whom they conduct business, among other things. Framework of banking products article index banking law introduction to. Since the banking and financial laws of ghana 19611998 was published in 2001, staff have attested to its benefits in various. The impact of financial sector policies on banking in ghana martin brownbridge and augustine fritz gockel1 summary ghana has implemented a financial sector reform programme since the late 1980s. Ghana homepage, resource for news, sports, facts, opinions. An act to amend and consolidate the laws relating to labour, employers, trade unions and industrial relations. Banks and special deposit act, 2016 date of assent. It has levelled the playing field, and opened up the system to competition, product innovation and entry. Rural and community banks rcbs operate as commercial banks under the banking law, except that they cannot undertake foreign.
Conference paper pdf available january 2010 with 8,985 reads how we measure reads. Know ghana s legal nuances and perspective march 2, 2020. Pwc 2016 ghana banking survey 4 t he level of awareness and trust so far exhibited by participants in the mobile money industry especially those in the informal sector who account for the larger proportion of the unbanked ghanaian population gives hope that mobile money operations will deepen financial inclusion. The main objective of the study is to examine the determinants of mobile banking adoption as a communication in the banking industry with specific emphasis on the access bank ghana limited. Bank of ghana act 2002, act 612 banking act, 2004 act 673 financial institutions non bank law 1993, pndc law 328 companies code act 179, 1963 bank of ghana notices directives circulars. Bank of ghana datacenta energy commission of ghana environmental protection agency ghana civil aviation authority ghana environmental protection agency ghana government ghana investment promotion center ghana legal environmental legislation ghana minerals commission ghana parliament internal revenue service local government service.
1465 1124 1073 1051 1351 911 1151 747 1397 1260 1406 587 1230 474 1024 1124 674 1399 1336 855 1047 758 33 1049 816 531 860 453 344