Paper
Ghana: Financial Institutions (Non-Banking) Law, 1993
Law governing a non-banking financial institution in Ghana
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8 pages
This document, published in January, 1993, presents 28 parts of the law that governs non-banking financial institution (NBFI) operations in Ghana. The document elaborates the following key areas regarding the NBFIs in Ghana:
- Incorporation;
- Licensing requirements;
- Minimum paid up capital requirement;
- Terms for the issuance, suspension and revocation license by the Bank of Ghana (BOG);
- Special powers that reside with the BOG in case of any malpractice;
- Reporting of operations to the BOG;
- Regulations regarding alterations to the name;
- Public deposits;
- Sale or amalgamation of business;
- Supervisory authority of the BOG;
- Capital adequacy and maintenance of liquidity ratios;
- Governance of liquid assets, dividend payments and grant advances;
- Auditing and reporting;
- Definitions of offense under this law.
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