Financial Regulations in Ghana Parliament passes Bank and Specialized Deposit bill

It applies to banks, specialized deposit-taking institutions, financial holding companies and affiliates of banks, specialized deposit-taking institutions, and financial holding companies.

  • Published: , Refreshed:
Parliament play


24/7 Live - Subscribe to the Pulse Newsletter!

Parliament on Tuesday passed the Bank and Specialized Deposit-Taking Bill to improve financial regulations in the country.

It applies to banks, specialized deposit-taking institutions, financial holding companies and affiliates of banks.

The new bill follows the passage of the Deposit Protection Bill to protect the savings of depositors and also promote confidence in the financial system.

READ MORE: Deposit Protection Bill passed by parliament

The bill highlighted the Bank of Ghana the sole regulator charged with financial regulations in the banking sector.

In addition, the bill also consolidated all laws covering the regulations of institutions involved in Deposit talking business.

A Member of the Finance Committee of Parliament, Benjamin Kpodo outlined the difference between the Depositors Protection Bill and the Bank and Specialized Deposit-Taking Bill.

He said:“one creates the insurance scheme-the other one seeks to regulate how they operate-licensing, reporting, their relationship with the Bank of Ghana.

READ MORE: Depositors' bill will restore confidence in the banking sector

Kpodo also urged banks to cooperate with the new regulations.

Highlight of the Bill

  • Deals with restrictions on lending and investment- which prohibits a bank or specialized deposit-taking institution from granting advances,loans or credit facilities including guarantees against the security of the shares of the bank or specialized deposit-taking institution, the shares of its financial holding company, the shares of any of its subsidiaries or the shares of any of the subsidiaries of its financial holding company.

  • A bank, specialized deposit-taking institution or financial holding company whose capital adequacy ratio is less than the ratio prescribed by the BoG is not to take an inter-institutional placement or receive a loan or deposit from the any bank, specialized deposit-taking institution, or financial holding company in the country except with the express written approval of the Bank of Ghana.

Do you ever witness news or have a story that should be featured on Pulse Ghana?
Submit your stories, pictures and videos to us now via WhatsApp: +233507713497, Social Media @pulseghana: #PulseEyewitness & DM or Email:

Recommended Articles

Recommended Videos

Top Articles

1 Job Application How to write a CV that gets interview callsbullet
2 Bank of Ghana Here are the banks with the best deposit rates in Ghanabullet
3 Budget Review 2018 budget is 'Ahokyere, 419, wahala and propaganda'...bullet
4 Budget 2018 No taxes on mobile money transactions – Gov’tbullet
5 Boakye Agyarko Stop parroting and read, Minister blasts energy...bullet
6 Twellium Industry Limited Run Energy Drink to treat Ghanaians...bullet
7 2018 Budget Here is how much government has allocated for...bullet
8 2018 Budget Dumsor is dead - Finance Minister Ken Ofori-Attabullet
9 Tema Port Customs impounds 4 containers for evading taxbullet
10 Taxes In Ghana 3% VAT flat rate takes off in July 1bullet

Top Videos

1 Entrepreneurship How to be resourceful as an entrepreneurbullet
2 Entrepreneurship How To Get Ready To Get Started | StartUpSchoolbullet
3 MTN Mobile Money Adbullet
4 Entrepreneurship Failure- How To Deal With It | StartUpSchoolbullet
5 Video African leaders must understand the role of technology in...bullet
6 Vodafone adbullet