Regulatory Alerts2020-06-22
Bank of Ghana Fit and Proper Persons Directive
Issued by the Bank of Ghana in July 2019, this Directive establishes mandatory fitness and propriety assessments for significant shareholders, directors, and key management personnel across licensed banks, savings and loans companies, finance houses, and financial holding companies. Regulated institutions must conduct comprehensive due diligence prior to appointment and annually thereafter, evaluating candidates against defined criteria including financial integrity, reputation, academic qualifications, practical experience, conflict of interest, and time commitment. The Bank retains the authority to approve, reject, or remove appointees based on these assessments while applying proportionality principles tailored to each institution’s size and complexity.