The Development Finance Institutions
Act, 2020 (Act 1032) (the
"Act") was passed by the Ghanaian
Parliament and received Presidential assent on 27thOctober, 2020.
The Act establishes a framework for the licensing, regulation and
supervision of Development Finance Institutions (DFI's) within
the country.
Development finance business is defined in the Act to mean the
"provision of short, medium and long term funding,
guarantees and other credit enhancement structures to key sectors
of the economy in a financially sustainable manner." Any
person that intends to engage in this business must be a body
corporate registered under Ghanaian law and must obtain a license
from the Bank of Ghana (BoG). Notably, however, the Act does not
apply to DFI's governed by a multilateral treaty or under
sovereign bilateral agreements such as the World Bank, African
Development Bank,
