The Bank of Ghana shall not issue a licence to an applicant unless the Bank of Ghana is satisfied that

(a)  the feasibility report submitted by the applicant under section 7 is based on sound analysis under reasonable assumptions;

(b) the proposed directors and key management personnel of the applicant are fit and proper persons;

(c) the significant shareholders are suitable and the ownership structure of the proposed bank or specialised deposittaking institution  will  not  hinder  effective  supervision,  including supervision on a consolidated basis;

(d) the paid-up capital of the applicant is adequate and the original sources of capital are acceptable and do not include borrowed funds;

(e) the arrangements for governance, including accounting, risk management, and internal control systems and records of the applicant are adequate;

(f) the applicant is not a shell company; and

(g) the applicant  has  complied with this Act, the Regulations, directives, and other legally-binding instruments made under this  Act  and any conditions that the Bank of Ghana may impose.