Regulatory Alerts2020-06-22
Bank of Ghana Fit and Proper Persons Directive – Explanatory Notes (July 2019)
The Bank of Ghana issued the July 2019 Fit and Proper Persons Directive to establish a clear framework for assessing shareholders, directors, and key management personnel at regulated financial institutions. The updated directive expands its scope to include finance houses and financial holding companies while streamlining assessment criteria to focus on financial integrity, reputation, and practical experience. It also clarifies corporate governance responsibilities by reducing underlying principles to three core tenets, aligning key definitions with Act 930, and formally integrating significant shareholders into the fitness evaluation process.
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