Disqualification of a Significant Shareholder, Director and Key Management Personnel

Poor Corporate Governance contributed significantly to excessive and imprudent risk-taking in the financial sector, which led to the failure of some Regulated Financial Institutions (RFIs) licensed by the Bank of Ghana (BOG), consequently necessitating the 2017-2019 banking sector clean-up. In order to sustain the gains made from the clean-up, the BOG issued the Corporate Governance Directive in 2018 as well as the Fit and Proper Persons Directive in 2019 to strengthen and embed sound corporate governance practices in RFIs and to entrench the gatekeeping role of the BOG in the financial sector.