Regulatory Alerts2020-06-22
Bank of Ghana (Amendment) Act, 2016
Parliament of Ghana enacted the Bank of Ghana (Amendment) Act, 2016 to comprehensively restructure and clarify the central bank's operations by amending the Bank of Ghana Act, 2002. The legislation establishes administrative departments, guarantees institutional independence from government direction, and redefines the Board of Directors' composition, tenure, qualifications, and removal procedures. It further mandates a Monetary Policy Committee, introduces emergency liquidity assistance for solvent institutions, caps government borrowing at five percent of annual revenue, and requires six-monthly financial and operational reporting to Parliament.
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