Regulatory Alerts2020-12-04
Procedures for Issuance of Directives to Banking Industry
The Bank of Ghana has established standardized procedures for issuing directives to banks, specialized deposit-taking institutions, and financial holding companies under the Banks and Specialised Deposit-Taking Institutions Act 2016. The framework mandates a structured consultation process requiring the publication of an exposure draft on its website, a minimum fourteen-day comment period, and consideration of stakeholder inputs before finalizing the directive. Final directives take legal effect upon website publication, may be modified following the same consultation steps, and can bypass standard procedures when strict adherence threatens financial stability or public interest.
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