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(1) For the purpose of reviewing an application for approval submitted under section 52, the Bank of Ghana shall take into consideration

(a) the financial and managerial resources and future prospects of the  existing  and  proposed  institution,  or  the  surviving  or acquiring institutions,

(b) the effect of the proposed transaction on competition,

(c)  the convenience and needs of the community to be served,

(d) the risk to the stability of the banking or financial system, and

(e)  the effectiveness of the existing bank or specialised deposit-taking  institution  involved  in  the  proposed transaction  in combating money laundering and terrorist financing activities.

(2) A transaction involving a foreign bank shall not be approved unless the home supervisor of the foreign bank indicates that it has no objection to the transaction.

(3) A proposed transaction that has the effect to substantially lessen competition shall not be approved, unless the Bank of Ghana finds that the anti-competitive effects of the proposed transaction are clearly outweighed in the public interest by the probable effect of the transaction in meeting the convenience and needs of the community to be served.

(4) The Bank of Ghana may, by directive, specify the procedure for processing applications made under section 52 and this section and the factors that the Bank of Ghana will consider in making a determination.

(5) Despite any procedure required under the Companies Act, 1963 (Act 179) for completion of a merger or other transaction described in section 52, a merger or transaction involving a bank or specialised deposit-taking institution shall not take effect unless the Bank of Ghana approves the merger or transaction under this Act.

(6) A person who acquires shares of a bank or specialised deposit-taking institution in connection with a takeover, merger or amalgamation of a bank or specialised deposit-taking institution shall meet the requirements of this Act before applying for a review and approval of the takeover, merger or amalgamation under the Securities Industry Act, 2016 (Act 929).