The Banks and Specialised Deposit-Taking Institutions Act, 2016, officially known as Act 930, is a significant legislative framework in Ghana that regulates the operations of banks and specialised deposit-taking institutions (SDIs). Enacted to strengthen the financial sector and safeguard the interests of depositors, Act 930 provides a comprehensive legal foundation for the functioning of these institutions.
Key Features:
Scope and Applicability:
Act 930 applies to all banks and specialised deposit-taking institutions operating in Ghana. Its provisions cover a wide range of financial activities to ensure the stability and integrity of the financial system.
Licensing and Regulation:
The Act outlines the criteria for licensing and regulates the establishment, operations, and conduct of banks and SDIs. The Bank of Ghana, the country’s central bank, is responsible for overseeing and enforcing compliance with the provisions of Act 930.
