(1) The Bank of Ghana may refuse an application for a licence to carry on deposit-taking business where in view of the prevailing conditions in the banking and specialised deposit-taking institution sector or in keeping with the policy on banks and specialised deposit-taking institutions, the Bank of Ghana is not satisfied with the merits of the application.

(2) Where the Bank of Ghana refuses an application under subsection (1), the Bank of Ghana may give reasons in writing for the refusal of the application.