This note will briefly discuss the meaning of banking and provide an overview of banking law.
This note will discuss the history of banking in Ghana. The history will be divided into four epochs: the colonial period, the era of dual banking, the economic recovery programme era, and the era of globalisation and intense competition.
This note will discuss the essence of regulation in banking and the regulatory framework in Ghana.
The regulation of banking in Ghana is governed by certain core principles. These principles include the autonomy of the regulator, promotion of fairness and justice, protection of depositors’ funds, solvency and liquidity, and confidentiality. These principles are now discussed.
This note will discuss the regulatory role of the Bank of Ghana in the banking industry. In doing so, the note will discuss its establishment, recognition as the central bank of Ghana, governance, primary objectives, functions, and authorised shares.
This note will discuss how the Governor and Deputy Governors of the Bank of Ghana are appointed, their tenure of office, and functions they play in the regulation of banking in Ghana.
This note will briefly discuss the meaning of banks, specialised deposit-taking institutions, and the differences that exist between these distinct forms of establishment. The note will also briefly highlight the meanings of financial holding company and deposit taking microfinance institution.
This note will discuss the activities that can be lawfully undertaken by a bank or specialised deposit-taking institution, known as permissible activities; those that cannot be carried on by these entities, known as prohibited activities; and the various restrictions imposed on banks and specialised deposit-taking institutions.
This note will discuss various understandings of who is a customer of a bank. In doing so, the note will discuss the orthodox position, where a customer of a bank was simply a person who opened an account with a bank, and the modern position, where one may not need to open an account with a bank to be considered its customer.
This note will discuss the relationship that exists between a bank and its customer. The note will begin with the basic relationship between the banker and the customer, which is contractual. This contractual relationship will be explained as one giving rise to a debtor-creditor relationship. The note will also explore other relationships that can exist between a bank and its customer, such as an agency relationship and a bailment relationship.
This note will discuss the duties owed by banks towards their customers. The duties to be discussed are the duty to abide by the customer’s mandate, honour cheques that are properly drawn by the customer, and keep the customer’s transactions and information confidential, among others.
This note will discuss the duties imposed on a customer of a bank. The duties to be discussed are the duty to exercise due care when drawing cheques to not facilitate fraud and the duty to inform the bank of forgeries or fraud of which a customer becomes aware.
This note will discuss the legal requirements for incorporating and licensing a bank or specialised deposit-taking institution. The note will focus on the processes involved in applying for a licence in terms of the mode of application, particulars and documents to submit with the application, and the application processing fee, the powers of the Bank of Ghana to conduct due diligence and issue provisional approval, and the possible outcomes of an application process.
This note will discuss various concepts and terms that apply govern credit, lending, and risk management in Ghana.
The note will briefly highlight the legal and regulatory framework governing credit, lending, and risk management in Ghana.
This note will discuss various essential provisions under the Borrowers and Lenders Act, 2020 (Act 1052). The provisions to be discussed are provisions relating to credit agreements, registration of security interests, the effect of non-registration of security interests, and the priority of security interests. In a subsequent notes, the rights and obligations of borrowers and the remedies available to a seller in the event of default will be discussed.
The Borrowers and Lenders Act, 2020 (Act 1052) makes several provisions on the rights of a borrower. These rights include the right to apply for credit, protection from discrimination, right to confidentiality, right to pre-agreement disclosures, right to an account statement, right to receive notice on the intention of the lender to realise the security interest, and a right to redeem collateral. The Act also makes provisions on the obligations of borrowers. These rights and obligations are discussed in this note.
This note will examine the various remedies available to the lender in the event of the borrower’s default. The note discusses the meaning of default, the obligation of a lender to give notice to the borrower before enforcing its rights, and the various rights of a lender.
This note will discuss the meaning of negotiable instruments, the meaning of "negotiable", and the types of negotiable instruments.
This note will examine the definition of a bill of exchange and the parties involved in a bill of exchange transaction.
First, this note will discuss the meaning of acceptance, its primary effect, and the forms it may take after a drawee is ordered to pay a sum certain in money to another. Further, the note will discuss the liability of an acceptor (a drawee who has accepted to pay a bill).
This note will examine various factors that affect the validity of a bill of exchange in Ghana, based on provisions in the Bills of Exchange Act, 1961 (Act 55). The note is divided into two main sections. First, we examine factors that will result in an instrument not being considered a bill, even if the parties intended it to be one. Second, we examine factors that, although may be considered "irregularities" or material omissions, or render a bill non-negotiable, do not, in themselves, render a bill invalid.
This note will examine the parties that may benefit from a bill of exchange and the rights of such parties. These parties are the holder (mere), the holder for value, and the holder in due course.
Discusses how a mere holder becomes a holder for value, and how a holder for value differs from a holder in due course
This note has discussed what it means to be a holder in due course, the special protections given to a holder in due course by Act 55, and the circumstances under which a holder would be considered a holder in due course.