The Ministry of Finance has received financing from the World Bank towards the implementation of the Ghana Financial Sector Development Project. The BOG as a beneficiary of the project, intends to apply part of the proceeds for consulting services. The project objective is to promote financial sector soundness and access to financial services by individuals.
Bank of Ghana is mandated by section 3(1) of the Banks and Specialised Deposit-taking Institutions Act, 2016 (Act 930) to have overall supervisory and regulatory authority in all matters relating to deposit-taking business in Ghana. Similarly, section 3(2)(c) of the Act charges Bank of Ghana to ensure the soundness and stability of the financial system and the protection of depositors in the country through the regulation and supervision of financial institutions.
The Non-Bank Financial Institutions Act, 2008 (Act 774) mandates Bank of Ghana to license and supervise Micro-credit companies. Credit Unions are regulated under the Co-operative Credit Union Regulations, 2015 (L.I. 2225). The Bank of Ghana has regulatory and supervisory responsibility for licensed Banks and Specialised Deposit-Taking Institutions (SDIs), i.e. Microfinance Companies (MFCs), Rural and Community Banks (RCBs), Micro Credit Companies (MCCs), Financial Non-Governmental Organisations (FNGOs), Savings and Loan Companies (S&Ls) and Finance Houses (FHs).
To maintain public trust, confidence and deepen financial inclusion, the Bank, in May 2019, carried out a special exercise to revoke the licences of 347 insolvent and dormant MFIs, 39 MCCs and 23 Savings and Loans Companies and Finance Houses. The Bank determined that some of these institutions breached the solvency test provided in section 123 of Act 930, while others also breached other sections of Act 930 and Act 774.