September 2, 2016, with the officials of ghana on economic developments and. Section 3application of act 1 except where otherwise provided, the provisions of this code shall apply to all companies formed in ghana, whether before or after the commencement of this code, under the provisions of the companies ordinance, cap. Act 930 banks and specialised deposit taking institutions act. There has been somewhat of a turning point in banking sector performance since the end of 2014 as wider economic difficulties hit home. Act, 2016 act 914 which gives a detailed provision on the suspension of a supplier or consultant why has the enactment of the public procurement amendment act, 2016 act.
The 2004 act repealed the former banking act 1971 and foreign exchange dealers act 1995, and consolidated the laws relating to the. The banking act 2004 2004 act was enacted in october 2004 and came into operation by proclamation on 10 november 2004. Petroleum exploration and production law 2016 act 919. Ghanas banks have performed poorly in the past, offering but a narrow range and inefficient delivery of financial instruments, being strongly biased in their reach. Apex bank assures customers of new banking experience. Examination of books of person carrying on banking business without a licence 5. In ghana, the central bank is mandated under its laws. Ghana has seven different categories of mfis that have developed their own subsector associations over time, as the legalregulatory framework and microfinance methodologies have emerged. Banks and specialised deposit act 2016 bank of ghana. Boc banking on change bog bank of ghana care cooperative for assistance and relief everywhere cbf capacity building fund rafip. Act 5 of 2016 wef 30112018 savings account liabilities, in relation to a bank, means the total deposits at that bank which normally require the presentation of passbooks for the deposit or withdrawal of moneys. Currently, there are 32 registered banks bank of ghana, 2016 with seven listed on ghana stock exchange gse. Acts of ghana first republic criminal procedure code, 1960 act 30 arrangement of sections section part igeneral provisions procedure 1. Have approval of bank of ghana to operate if it is a foreign company.
Ghanas average inflation rate for 2018 was the lowest in five years. If you wish to enquire as to whether this country chapter is available in a previous edition of energy in print or pdf format, contact us here. It also oversees the monetary policies and advises the government on their implementation. Apr 10, 2016 dr millison kwadwo narh, the deputy governor of the bank of ghana, has hinted that the bank was revising the current banking act to enable it to address the identified gaps. Act 930 banks and specialised deposittaking institutions act, 2016 40 ii arrangements satisfactory to the bank of ghana for cooperation, coordination, and informationsharing with the home country supervisor are in place. Role of the bank of ghana licensing of banks and specialised deposittaking institutions 4. Emerging developments in the banking industry of ghana. Banking act 2004, act 673 pdflogo download pdf version.
The preparation of an amended bank of ghana act and bog. The bank of ghana serves as the countrys central monetary authority. Banks and specialised deposittaking institutions act, 2016 act 930 41 restriction on activities of financial holding companies 46. The new public financial management act, 2016 pfma act921. The 2004 act repealed the former banking act 1971 and foreign exchange dealers act 1995, and consolidated the laws relating to the business of. Mobile financial services in ghana subregional workshop on mobile money in west africa, 14 th to 16 march 2016, freetown sierra leone presented by.
Search of place entered by person sought to be arrested. Dr millison kwadwo narh, the deputy governor of the bank of ghana, has hinted that the bank was revising the current banking act to enable it to address the identified gaps. Act 930 banks and specialised deposit taking institutions. Home tags banks and specialised deposit taking institutions act 2016 act 930 tag. Banking laws and regulations ghana laws and regulations gli. Banks and specialised deposittaking institutions act, 2016 act 930 pdflogo download pdf version.
Banks and special deposit act, 2016 act 930 date of assent. Termination of receivership and final reporting to the bank of ghana. Banking amendment act, 2007 act 738 ii the purchase of bonds or other securities issued by the government of ghana or any other securities that may be approved by the bank of ghana. The banking fees regulations, 1994 the banking increase of rate of banking and other charges regulations, 2006 exemptioncfc stanbic holdings limited1st june, 2008 the banking credit reference bureau regulations, 2008, repealed by ln5 of 2014 revocation. Banks and specialised deposit taking institutions act 2016 act 930 companies. Bank of ghana amendment act, 2016 an act to amend the bank of ghana act, 2002 act 612 and to provide for related matters. International business companies act, 2016 long title. In ghana, the service is regulated by bank of ghana bog, exercising its powers under section 51 a 3 of the banking act, 2004 act 673 and section 4 1 d and e of the bank of ghana act, 2002 act 612 in line with bogs mandate to promote and supervise electronic and other payments, funds. Pdf regulating related party activities in ghanaian banking.
Institutions act, 2016 act 930, losses shall not be set off against the credit risk reserve and unaudited profit but shall be adjusted with unaudited losses. Apr 04, 2019 the banks and specialised deposittaking institutions act 2016, act 930, is the primary statute governing banking industry in ghana. Banks and special deposit act, 2016 date of assent. Insettad by c of section 2 d the publc prxurement amendment act, 2016 ad 914. Licensing of banks and specialised deposittaking institutions. Bog prescribes new banking rules ghana homepage, resource. Ghana chapter to banking regulation 2020 does not exists. The new public financial management act, 2016 pfma act. Before july, 1970, the bank of ghana was given a certain amount of control over the operations of banking institutions by sections 2935 of the bank of ghana act, 1963 act 182. Overview of the banking industry the banking system as at end march 2016 comprises the bank of ghana, 29 universal banks excluding arb apex bank which is a minicentral bank for rural banks, 9 rural and community banks, 61 nbfis, and 555 mfis. Although the adoption of the two new banking sector laws. Founded in 1957, the ghanaian central bank regulates financial institutions and banks in ghana.
Banking act 2004, act 673 pdf logo download pdf version. Energy laws and regulations ghana laws and regulations. Power to break out of any house for purpose of liberation. The act, which was assented to by the president in december 2015, seeks to reform and consolidate legislation on lotteries, gaming, betting and casino activities, and has accordingly repealed the national lotteries act cap. Appointment of receiver for failure to hold licence 6. Ghana s financial system has gone through a process of liberalization, restructuring and transformation over the last two decades. If you wish to enquire as to whether this country chapter is available in a previous edition of energy in print or pdf. Nonbank financial institutions act, 2008 act 774 11. Ghana s banks have performed poorly in the past, offering but a narrow range and inefficient delivery of financial instruments, being strongly biased in their reach to the urban formal sector and, in particular, to the holding of.
This came into force on 14 september 2016 to repeal the banking. The bank of ghana act, 2002 act 612 referred to in this act as. Ghanas banking and finance industry consists of 28 private banks. All banks granted approval in principle shall comply with the new minimum capital levels by the end of december 2018. Bank of ghana has cordial working relationship with the telecommunications regulator, national communications authority nca.
Bank of ghana revising banking act narh ghana business news. Aug 16, 2019 these actions were taken pursuant to section 123 1 of the banks and specialised deposittaking institutions act, 2016 act 930, which requires the bank of ghana to revoke the licence of a bank or specialised deposittaking institution sdi where the bank of ghana determines that the institution is insolvent. Framework of banking products article index banking law introduction to. List of entities that have submitted their 2017 procurement plans online as at december 30, 2016 1. Bog has provided some support to a few associations, but this is not systematic or certain. Balancing inclusive growth with financial stability 4 all the banks in ghana are class i universal banks doing business across all areas of banking.
Of ghana entitled the public procurement act, 2003 an act to provide for public procurement, to establish the public procurement authority, make administrative and institutional arrangements. Banks and specialised deposit taking institutions act 2016. The current banking legislation banks and special deposit taking institutions act, 2016 act 930 makes reference to this accord. Bank of ghana revising banking act narh ghana business. Financial sector reforms and bank performance in ghana. Passed by parliament and assented to by the president. Bank of ghana increases the minimum capital for banks. Act 673 banking act, 2004 6 2 the bank of ghana may interview the promoter, directors and proposed senior management personnel in the course of an appraisal and may also inspect their books and records to satisfy itself about the representations made or information furnished by the.
Banks and specialised deposit taking act 930 institutions act, 2016 9 6 for the purpose of this section, authorised agent includes an apex body, network, industrial association, selfregulatory organisation or any other person recongnised by the bank of ghana. He said the deposit protection bill is also about to be passed by parliament to provide protection for small savers. Based on information available at the time of these discussions, the staff report was completed on september 16, 2016. Application of act to shares owned by government 4. Act 5 of 2016 wef 30112018 1st january 1971 part i. These actions were taken pursuant to section 123 1 of the banks and specialised deposittaking institutions act, 2016 act 930, which requires the bank of ghana to revoke the licence of a bank or specialised deposittaking institution sdi where the bank of ghana determines that the institution is insolvent. International business companies act, 2016 seychelles legal. Full and timely implementation of the bogs roadmap for the banking system is essential to address financial sector risks. The banks and specialised deposittaking institutions act 2016, act 930, is the primary statute governing banking industry in ghana. The securities act, 2016 national assembly of zambia. In ghana, the enactment of the new banking act of 2004, act 673, introduce universal banking license, which enable banks to provide various banking services. The nca worked closely with bank of ghana in drafting the electronic transactions act 2008, act 772, which paved the way for mobile network operators to provide mobile money services. Banks in ghana overview, guide to top 10 banks in ghana. Constitution of the republic of ghana amendment act, 1996.
Of particular interest is the expected requirement for banks to, at all times, maintain a capital buffer that reflects the level of risk inherent in their asset portfolio. Act 673 banking act, 2004 6 2 the bank of ghana may interview the promoter, directors and proposed senior management personnel in the course of an appraisal and may also inspect their books and records to satisfy itself about the representations made or information furnished by the applicant. An act to consolidate and modernise the law relating to the international business companies in line with the changes in the international field for matters connected therewith or incidental thereto. Public disclosure authorized 4th ghana economic update. The 2004 act is the enabling legislation for all financial institutions falling under the purview of the bank of mauritius. Jan 09, 2020 20200109 the banking and financial crisis that hit the economy in 2017 and 2018, resulting to the merger and consolidation of eight weak banks is one of the major economic drawbacks we have. Banks and specialised deposittaking act 930 institutions act, 2016 arrangement of sections section 1. International business companies act, 2016 seychelles. This part shall be read as one with the banking and financial institutions act, hereinafter referred to as the principal act. After posting yearonyear gains of over 70% in 20 and 25% in 2014, the financial stock index of the ghana stock exchange gse fell back by almost 14% during 2015 and has continued downward in early 2016. Banks and specialised deposittaking institutions act, 2016.
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