Since 2003, Universal Banking has replaced the three-pillar banking model – development, merchant and commercial banking. It has levelled the playing field, and opened up the system to competition, product innovation and entry. With improved macroeconomic conditions and prospects, the industry has grown into 23 banks, diversified in geographical origin, corporate character and reach in the global financial markets. The licensing policy of the Bank of Ghana will continue to pursue the underlying objectives of establishing a unique and rich banking tradition. At this stage the entry of foreign banks would be limited to truly internationally active financial institutions.