:: Ghana Law Hub
Category Archives: Banking and Finance

2016 was a challenging year for the Ghanaian Banking sector. Reports of microfinance institutions folding up were rife. “Owners” of these financial institutions were disappearing mysteriously. The hard-earned savings of many were in jeopardy....

Banking in Ghana began in the 1890s when Standard Chartered Bank (Ghana) Limited established its first branch in Accra. This was followed by the opening in 1917 of a Barclays Bank branch. Until 1953, these two banks were the only commercial banks operating in the country. Then the Bank of the Gold Coast was set up. When Ghana gained independence in...

The Bank of Ghana (BOG) on March 20, 2018, appointed KPMG as “official administrator” of Unibank Ghana Ltd (“Unibank”). According to the BOG, the appointment of the official administrator is to save Unibank from imminent collapse and...

In 1896, the Bank of British West Africa (which later became the Standard Chartered Bank) opened its first branch in Accra. Between 1920-1950, the Bank of British West Africa and Barclays Bank were the only banks operating in the Gold Coast[1]....

The Bank of Ghana in a recent notice[1] headed “Digital and Virtual Currency Operations in Ghana” sought to clarify the Ghanaian position on digital and virtual currencies in Ghana. Significantly, the notice informed the general public that operations in digital and virtual currencies are illegal and “… activities [operations in digital and...