This is to ensure that the proper corporate governance practices are entrenched.

One of the main rules in the new guidelines will ensure that the tenure of CEOs is capped at a maximum of three 5-year terms.

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Meanwhile, the tenure of non-Executive Directors is also expected to be capped at two three-year terms.

The Second Deputy Governor of the Bank of Ghana (BoG) Dr Johnson P. Asiama, told the B&FT that the guidelines are clear.

“The Corporate Governance Guidelines is ready. We expect that this will be out within the next two weeks for the banks to comply with.”

“It is something that we are championing and the guidelines are clear on what banks can do. These guidelines would be brought out within the next couple of days,” he added.

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Meanwhile, a banking professional Judith Haizel said the proper implementation of the guidelines will help develop the banking sector.

“I am in absolute support of the implementation of the corporate governance guidelines; it directs you; it allows banks to achieve their goals and objectives and ensure the protection of stakeholder interest in a formalised manner, making sure that there are independent structures to oversee those activities.”

The new guidelines will ensure the positions of Managing Director and Board Chair cannot be occupied concurrently in the case of foreign banks.

There shall also be a limited number of Board members for every bank. A retiring age shall be prescribed for Directors. Banks will also be required to disclose attendance at Board meetings by Directors in an annual account.

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With a population of about 27million people and a Gross Domestic Product (GDP) of almost US$35billion, Ghana has 35 universal banks. About 17 out of the 35 fully licensed banks are of foreign origin.

Some experts have raised concerns about the growing number of universal banks, savings and loans and the over 400 microfinance companies in the country.

All these banks are said to be serving just about 7million people who have accounts or multiple accounts with the financial institutions in the country.