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(1) The Bank of Ghana shall have an overall supervisory and regulatory authority in all matters relating to banking business and shall be responsible for

(a) promoting an effective banking system;

(b) dealing with any unlawful or improper practices of banks, and

(c) considering and proposing reforms of the laws relating to banking business.

(2) The Bank of Ghana shall establish within its Organisation, a Banking Supervision Department.

(3) The Bank of Ghana may authorise the Head of the Banking Supervision Department or any other official or person to exercise a power and do an act that it considers appropriate in order to discharge its responsibilities under this Act.

(4) The Bank of Ghana may, in relation to the operation of a bank, authorise any other person either generally or in respect of a particular matter, to perform a function that otherwise would be performed by the Bank.