Regulatory Alerts2021-01-26
Voluntary Winding-Up Directive for Banks and Specialised Deposit-Taking Institutions, 2021
The Bank of Ghana issued this directive to establish the conditions and procedures for banks and specialised deposit-taking institutions to voluntarily wind up their operations while maintaining financial stability. Institutions must obtain prior written approval, submit a directors' declaration of solvency confirming full debt repayment within twelve months, and appoint a qualified liquidator to manage asset disposition and creditor settlements. The regulator maintains continuous oversight through mandatory financial reporting and licence surrender, ensuring an orderly exit that protects depositors and creditors without disrupting the broader banking system.
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