In a bid to fortify Ghana’s financial sector and tighten oversight, the Bank of Ghana (BoG), in collaboration with the Financial Intelligence Centre (FIC), has rolled out new guidelines for determining “fit and proper” persons within institutions it supervises. The move, unveiled this week, targets banks and other licensed entities to ensure that individuals in leadership or ownership positions uphold high standards of integrity, competence, and ethical conduct.
Under the updated framework, regulated firms must now perform detailed assessments not only before appointing directors and key executives, but also on a regular, ongoing basis, at least once a year or whenever concerns emerge that could affect someone’s suitability for their role. The guidelines, anchored in the Bank of Ghana Act and the Anti-Money Laundering Act, aim to align domestic practices with global financial standards and mitigate risks tied to criminal ownership or poor governance.
Central to the new rules is a rigorous evaluation of character and reputation. Individuals must demonstrate a clean track record and a deep understanding of the activities their institutions engage in, with interviews and due diligence scrutinizing qualifications, financial soundness, and sources of funds.
BoG officials describe the guidelines as part of a broader push to instill confidence in Ghana’s financial architecture and protect it from threats ranging from fraud to operational failures. They underscore that upholding these standards will help shield customers, shareholders, and the general public from harm while boosting the sector’s global competitiveness.
