Regulatory Alerts2024-11-08
Bank of Ghana Outsourcing Directive 2024
The Bank of Ghana has issued this Directive to establish comprehensive regulatory requirements for outsourcing arrangements by banks, specialised deposit-taking institutions, financial holding companies, and development finance institutions. Regulated entities must implement robust governance and risk management frameworks, conduct materiality assessments, secure prior written approval for core functions, and maintain effective oversight of domestic and offshore service providers. Existing contracts must be reviewed for compliance by June 2025, while new arrangements require timely notification or approval to prevent excessive risk concentration and preserve operational resilience.
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