Regulatory Alerts2020-06-22
Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930)
The Parliament of Ghana enacted this legislation to amend and consolidate laws governing deposit-taking business, designating the Bank of Ghana as the sole licensing and supervisory authority. The Act mandates that all deposit-taking entities obtain a licence while establishing strict capital adequacy, liquidity, and corporate governance standards. It further empowers regulators to impose prudential limits on lending and investments, conduct examinations, exercise prompt corrective actions, and initiate official administration or receivership to ensure financial system stability.
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