Our Regulator for today is the central bank of Ghana; the Bank of Ghana. The Bank of Ghana has overall supervisory and regulatory authority over all banking and non- banking financial businesses and is governed by the Bank of Ghana Act, 2002( Act 612) as amended by the Bank of Ghana Amendment Act, 2016 (Act 918).
The regulatory and legal framework within the banking and finance industry is governed by the Banks and Specialised Deposit-Taking Institutions Act,2016 (Act 930) and the Non-Bank Financial Institutions Act 2008 (Act 774) (the “Banking Acts”). Below is a list of institutions regulated and licensed by the Bank of Ghana under the Banking Acts:
- Banks (including rural and community banks);
- Savings and loans Companies;
- Finance Houses;
- Leasing Companies;
- Representative offices of foreign banks;
- Finance and Leasing companies;
- Mortgage Finance Companies;
- Remittance Companies;
- Microfinance institutions;
- Finance NGO’s; and
- Forex Bureaus.
It is worthy to note that, the above institutions are required to be registered with and obtain operating licenses which are renewed on a yearly basis, from the Bank of Ghana before they can commence business.
