(1) Where a person is aggrieved with a decision of the Bank of Ghana in respect of issuance of a licence, that person may, within thirty days of the decision, petition the Bank of Ghana in writing for a review.

(2) Where the person is dissatisfied with the outcome of the review under subsection (1), the person may, within thirty days from the date of the decision, in writing, appeal against the decision to the Adjudicative Panel established under subsection (3),

(3) There is established an Adjudicative Panel consisting of

(a) a chairperson who is a Justice of the High Court nominated by the Chief Justice;

(b) one person with knowledge in banking and finance and with not less than ten years’ experience in banking and finance nominated by the Chartered Institute of Bankers; and

(c) one member of the Institute of Chartered Accountants, Ghana who  has  been  in  practice  for  not  less  than  ten  years, nominated by the Institute of Chartered Accountants, Ghana.

(4) The Chief Justice shall appoint members of the Adjudicative Panel.

(5) The Adjudicative Panel shall adopt its own rules of procedure.

(6) The Adjudicative Panel shall communicate its decision to the applicant within thirty days of receipt of the appeal made to it in writing under subsection (2).

(7) A person dissatisfied with the decision of the Adjudicative Panel may appeal to the High Court within thirty days upon receipt of the decision.

(8)The expenses of the Adjudicative Panel including allowances of members of the Adjudicative Panel shall be borne by the Bank of Ghana.