(1) A foreign specialised deposit-taking institution shall not establish a representative office in the country.
(2) A foreign bank shall not establish a representative office in the country unless it obtains the prior written approval of the Bank of Ghana.
(3) A foreign bank which seeks to establish a representative office in the country shall apply to the Bank of Ghana with the information and documents that the Bank of Ghana may require, including permission from the supervisor in the country where that bank has its head office or is incorporated.
(4) Where the Bank of Ghana is satisfied that the foreign bank has satisfied the requirements specified under subsection (3), the Bank of Ghana shall issue the foreign bank with a certificate of approval.
(5) A representative office of a foreign bank in the country shall display in a conspicuous place at the premises of that representative office, a copy of the certificate of approval issued under subsection (4) for the information of the public.
(6) A representative office of a foreign bank shall only provide information and perform liaison functions.
(7) A representative office of a foreign bank shall not transact any form of deposit-taking or other business in the country.
(8) The Bank of Ghana may require a director or key management personnel of a representative office to submit information or data relating to the assets, liabilities, income, expenditure or any of the affairs of the representative office.
(9) With respect to a reporting requirement under this section or any other section of this Act, the Bank of Ghana may prescribe
(a) the details of the information that is required,
(b) the form in which the information shall be reported, and
(c) the times or intervals of time at which the reporting is required.
(10) A foreign bank or representative office which fails to comply with this section commits an offence and is liable on summary conviction to a fine of not less than one thousand five hundred penalty units and not more than three thousand penalty units.