The Bank of Ghana has announced that former employees or shareholders of commercial banks that are found to have flouted the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930), could be banned for up to 10-years from working or owning shares in the sector.
The central bank on Thursday, July 25, 2019, published its Fit and Proper directive to ensure sound corporate governance as a way of instilling confidence in the banking sector.
The directive stipulates that anyone that is deemed as not being fit and proper shall not be permitted to own shares, hold key management or directorship position in a regulated financial institution.
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