The Bank of Ghana shall have overall supervisory and regulatory authority in all matters relating to banking and non-banking financial business with the purpose to achieve a sound, efficient banking system in the interest of depositors and other customers of these institutions and the economy as a whole.
The regulatory and legal framework within which banks, non-bank financial institutions as well as forex bureaux operate in Ghana are the following:
The Bank of Ghana is therefore, charged with the responsibility of ensuring that the financial system is stable to ensure that it serves as facilitator for wealth creation, economic growth and development.
The functions and responsibilities of the Central Bank as a Regulator are defined in Act 612 and Act 673 as follows:
In summary, the laws governing banking operations have provisions regarding licensing, withdrawal of license, and arrangement for examining and monitoring banks, powers, and duties as well as protection of the supervisor.
Finally, to enhance the legal and regulatory framework, the Bank of Ghana supervisory functions are designed to be consistent with the Basel Core Principles for Effective Banking Supervision.