COVID-19 –Potential Implications On Banking and Capital Market

Overview of Ghana’s Banking Sector

Ghana’s banking sector is regulated by the Bank of Ghana (“BoG” or the “Central Bank”), which was originally set up by the Bank of Ghana Ordinance (No. 34) of 1957, passed by the British Parliament. The Central Bank has since undergone various legislative changes, and currently operates under the Bank of Ghana Act, 2002 (Act 612). The Banks and Specialized Deposit-Taking Institutions Act, 2016 (Act 930) also provide complementary supervisory powers to the BoG.