Bank Of Ghana’s New Guidelines For Fit And Proper Persons – Key Changes

When you entrust your money to a bank or other financial institution, you expect the people running it to be capable. Those who own, control, manage or hold key positions in financial institutions must have the integrity, qualifications and experience needed to protect the interests of customers and the wider financial system. Anyone who falls short of this standard may be prevented from holding such positions. This is known as the “fit and proper persons” (FPP) standard.

The Bank of Ghana (BoG) has long applied the FPP standard. In July 2019, the BoG issued its Fit and Proper Persons Directive, 2019 (the 2019 FPP Directive) under the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930). In January 2026, the BoG and the Financial Intelligence Centre (FIC) jointly issued the Guidelines on Fit and Proper Persons for Accountable Institutions, 2026 (BOG/FIC-FPPAI Guidelines) (the 2026 FPP Guidelines).