New legislation in Ghana improves the regulatory framework for industry, trade and financial services

 

Banks & Specialised Deposit-Taking Institutions Act 2016 (Act 930)

This legislation applies to banks, specialised deposit-taking institutions, financial holding companies and their affiliates. The Bank of Ghana (BoG) has overall supervisory and regulatory authority over all deposit-taking business in Ghana, and requires deposit-taking businesses to obtain a licence. The act stipulates what activities may be undertaken, and restricts banks or specialised deposit-taking institutions from engaging directly in commercial, agricultural or industrial activities, or in immovable property.

Borrowers & Lenders Bill 2017

This bill when passed into law will replace the existing law. It seeks to provide a framework for registration of security interests, and to regulate transactions between borrowers and lenders. Under the bill, a credit agreement may also be executed electronically. The bill will automatically expand the cover of a security interest to any identifiable proceeds of the collateral, whether or not the credit agreement specifically charges the proceeds or contains a description of the proceeds.

Petroleum Act 2016 (Act 919)

This is the main legislation that regulates the grant of licence for upstream hydrocarbons activities. The law provides an enabling environment for increased private participation and investment in the petroleum sector to achieve optimal long term petroleum exploitation and utilisation. The act permits the minister of energy to grant rights and enter into agreements for the exploration and production of oil and gas subject to ratification by Parliament. Such agreements can only be entered into after an open, transparent and competitive public tender process, and the act prescribes the essential terms and conditions of such agreements.

Ghana International Trade Commission Act 2016 (Act 926) 

This establishes the Ghana International Trade Commission (GITC) as an agency responsible for ensuring compliance with the rules and regulations of international trade. The act empowers the GITC to harmonise Ghana’s international trade regulations with those of the world trade system. The GITC is required to advise the minister of trade on Ghana’s compliance with its bilateral and multilateral treaty obligations, conduct studies and publish reports on the competitiveness of Ghana’s tariff structure and the impact of the tariff structure on domestic industry, market access and challenges in relation to exports.

Office Of The Special Prosecutor 2017

Parliament has passed The Office of the Special Prosecutor Bill, which establishes the office of a prosecutor who has “full authority” to investigate corrupt officials.

PPP

The Public-Private Partnership (PPP) Bill seeks to create an environment that enables private entities to participate in PPPs and offer value for money to the public sector. When passed, it should promote private sector participation in development, and foster the use of private sector resources for the provision of infrastructure and services. At time of press the bill was being considered by Parliament.

Securities

The Securities Industry Act 2016 (Act 929) expands the powers of the Securities and Exchange Commission (SEC) to include advising the minister on matters relating to the sector, maintaining surveillance over activities in securities to ensure orderly, fair and equitable dealings in securities, monitoring the solvency of licence holders and taking measures to protect the interest of customers where the solvency of a licence holder is in doubt. The SEC is also required by the law to protect the integrity of the securities market against any abuses arising from dealing in securities, including insider trading. The ambit of the industries requiring a licence from the SEC has also been expanded to include commodity exchanges, credit rating agencies, hedge funds, nominee account operators, private equity funds and venture capital funds.

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The Report: Ghana 2018

Legal Framework chapter from The Report: Ghana 2018

The Report: Ghana 2018

The Report

This article is from the Legal Framework chapter of The Report: Ghana 2018. Explore other chapters from this report.

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