Introduction
To obtain a License in Ghana for the operation of the business
of microfinance (moneylending), one has to go through a
three-pronged process.
The applicant, with the assistance of Legalstone Solicitors LLP,
would have to ensure that the regulatory regime in 3 key government
of Ghana agencies is adhered to. These are as follows:
- Registrar General's Department of Ghana
- Ghana Investment Promotion Centre
- Bank of Ghana (BoG)
Registration with Registrar General's Department
To operate a Microfinance (Moneylending) business in Ghana, one
of the conditions that the Banks and Specialised Deposit-Taking
Institutions Act, 2016 (Act 930) provides, is that an entity must
be a limited liability company. The Companies Act, 2019 (Act 992),
governs the organization of companies in Ghana. Companies in Ghana
may be either public or private (not more than 50 members or
debenture holders) and unlimited, limited by shares or limited by
guarantee.
