(1) A person who seeks to carry on a deposit-taking business shall apply in writing to the Bank of Ghana for a licence.

(2) An application for a licence under subsection (1) shall be accompanied with the following:

(a)  a certified true copy of the Company Regulations or other or specialised deposit-taking institution under which the person proposing to carry on a deposit-taking business was established

(b)  the names, addresses, occupations, business and professional history, certified financial positions, and corporate affiliations of the significant shareholders and the respective values of the shares;

(c)  where the bank or specialised deposit-taking institution is a member of a corporate group,

(i) a complete organizational structure including a diagram of the group

(ii)  direct  and  indirect  affiliates  and  associates  of  the bank or specialised deposit-taking institution, and

(iii) the nature of the relationship to the group;

(d)  the particulars of the proposed directors and key management personnel concerned with the management of the deposit- taking business, including

(i) their qualifications and experience,

(ii)  business and professional history for the preceding ten years or a longer period that the Bank of Ghana may determine,

(iii) certified financial position,

(iv) business interests, and

(v) the performance of the business concerns under their control or management;

(e)  feasibility  report  including  a  business  plan  and  financial projections for the first five years and tide area of activity intended;

(f)  documentary evidence of the capital of the proposed bank or specialised deposit-taking institution, including the original sources of funds and any other source of funds;

(g)  in the case of a foreign applicant

(i) an authenticated copy of the certificate of incorporation and the Company Regulations or other relevant instrument and by-laws or similar documents, and

(ii)  a written confirmation from the supervisory authority in the country of incorporation of the applicant or head office, if different, that the supervisory authority has no objection to the proposal of the applicant to carry on a deposit-taking business in the country and global consolidated supervision over that bank or specialised deposit-taking institution;

(h) a statement on measures and structures that the applicant intends  to  adopt  to  ensure  that  business  is conducted  in accordance with sound corporate governance principles;

(i) a statutory  declaration  for  each  proposed  director,  key management  personnel  and  significant  shareholder  of  the or  specialised  deposit-taking institution disclosing, where applicable,

(i) a conviction for an offence by a court of competent jurisdiction,

(ii)  a personal bankruptcy filing,

(iii) a disqualification from practising a profession, or

(iv) a past or present involvement in managerial function of a body corporate or other undertaking that is subject to insolvency or liquidation proceedings;

(j)  the processing fee that the Bank of Ghana may by notice specify; and

(k) any other particulars that the Bank of Ghana may require.

(3) An application for a licence shall indicate clearly the type of licence that is being applied for.

(4) The Bank of Ghana may, for the purpose of verifying the particulars submitted under subsection (2),

(a) interview a promoter, proposed director or key management personnel in the course of the verification, and

(b) inspect the books, records and premises intended for use by the bank or specialised deposit-taking institution.

(5) Where a document submitted to the Bank of Ghana is not in the English language, the document shall be accompanied with a certified translation in English.

(6) The Bank of Ghana may require that information supplied to the Bank of Ghana be verified, certified or otherwise authenticated in the manner that the Bank of Ghana may prescribe.

(7) The Bank of Ghana shall

(a) within ten working days of the receipt of an application acknowledge in writing the receipt of the application; and

(b) within six months after the receipt of an application communicate its decision in writing to the applicant.

(8) Despite paragraph (b) of subsection (7), where the Bank of Ghana is of the opinion that further investigation or information is required to process the application, the Bank of Ghana shall within a reasonable period after the six month period specified under paragraph (b) of subsection (7), notify the applicant and subsequently inform the applicant in writing of the decision of the Bank of Ghana.