Banking Act No. 673 of 2004 (consumer protection-related)

Ghana

(amended through 2007)

Banking Act No. 673 of 2004 (amended through 2007) establishes that the Bank of Ghana shall have an overall supervisory and regulatory authority in all matters relating to banking business. In particular, the Bank of Ghana is responsible for dealing with any unlawful or improper practices of banks. Consumer related matters fall under this mandate. The Bank of Ghana, as mandated by the act, established a Banking Supervision Department to perform its supervisory tasks. In case of non-compliance, the Bank of Ghana has the right to impose sanctions against financial institutions.