What are the BoG authorised representative offices in Ghana?
The Bank of Ghana (BoG), under Section 26 of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930), defines a representative office as an entity established by a foreign bank (or, with specific conditions, a foreign specialised deposit-taking institution) that is strictly limited to non-banking activities such as liaison and information functions.
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Essentially, a representative office is a licensed presence for a foreign financial institution that allows it to maintain a footprint in Ghana without engaging in any core commercial banking business.
A representative office is expressly forbidden from conducting any form of actual banking business or taking financial risk in Ghana. Specifically, it shall not:
- Transact any form of deposit-taking from the public.
- Lend money or engage in any other core banking activity.
- Contract for any deposit or deposit-like liability.
- Disburse loan proceeds in Ghana (even if the credit decision was made abroad).
Its role is purely representational and administrative. Permitted activities include:
- Liaison Functions: Acting as a link between the foreign bank’s head office and its customers in Ghana.
- Information Gathering: Collecting information about local markets and clients for the foreign bank.
- Business Solicitation: Soliciting new business for the foreign bank (e.g., advising on large loans that will be booked by the foreign head office).
- Preliminary Appraisal: Performing initial assessments in connection with lending on behalf of the foreign bank.
To establish a representative office, a foreign bank must meet stringent conditions set by the BoG:
- Prior Approval: The foreign bank must obtain the prior written approval from the Bank of Ghana.
- Head Office Permission: It must submit permission from the supervisor in the country where the foreign bank has its head office.
- Certificate Display: The approved office must display the BoG’s certificate of approval in a conspicuous place for the public to see.
Representative Offices in Ghana
Ghana has four BoG authorised representative offices.
Below is a list of the Bank of Ghana’s authorised representative offices in Ghana.
| No. | Representative Name | Address | Phone Number |
|---|---|---|---|
| 1 | Bank of Beirut (Representative Office) | Dahoma Place, Plot 131, Spintex Road, Accra – Ghana | 233-302-813651, 233-302-813653, 233-546696969 |
| 2 | Citibank N.A. Ghana Rep. Office | Ghana Shippers House, Ambassadorial Enclave, Ridge, Cantonments, Accra, Ghana | 233-302-672593-4 |
| 3 | Exim Bank of Korea (Representative Office) | 1st Floor, Gulf House, Adamafio Crescent, East Legon, Accra – Ghana | 233-302-543724 |
| 4 | Ghana International Bank plc | 11th Floor, Cedi House, Bank of Ghana, Liberia Road, Accra, Ghana | 233-302-660809 |
