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Ghana Laws

FINANCIAL INSTITUTIONS (NON-BANKING) ACT

1993 (PNDCL 328)

Section 1-Incorporation of financial institutions

(1) A person shall not carry on any of the activities of the non-bank financial institutions set out in the Schedule unless that institution is incorporated in the Republic.

(2) The Minister may, on the recommendation of the Bank of Ghana, by legislative instrument, amend the Schedule.

Section 2-Licences for financial institutions

(1) Subject to the provisions of this Act, a non-bank financial institution shall not carry on any of the businesses set out in the Schedule unless it is licensed under this Act.

(2) An application for a licence shall be made in the prescribed form to the Bank of Ghana and supported by the particulars or information required by the Bank of Ghana.

(3) There shall be paid in respect of a licence granted under this Act the fee determined by the Bank of Ghana.

Section 3-Minimum capital

A non-bank financial institution shall not be licensed unless it maintains a minimum paid-up capital of one hundred million cedis or the amount of money that the Bank of Ghana may, after consultation with the Minister, by executive instrument, prescribe.

Section 4-Bank of Ghana to issue licence

(1) The Bank of Ghana may issue a licence to a non-bank financial institution which complies with the provisions of this Act relating to application and eligibility for a licence.

(2) A licence under this Act shall be issued on the terms and conditions determined by the Bank of Ghana.

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