List of licensed Representative Offices of foreign banks in Ghana

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.

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:

1. Transact any form of deposit-taking from the public.
2. Lend money or engage in any other core banking activity.
3. Contract for any deposit or deposit-like liability.
4. Disburse loan proceeds in Ghana (even if the credit decision was made abroad).

Its role is purely representational and administrative. Permitted activities include:

1. Liaison Functions: Acting as a link between the foreign bank’s head office and its customers in Ghana.
2. Information Gathering: Collecting information about local markets and clients for the foreign bank.
3. Business Solicitation: Soliciting new business for the foreign bank (e.g., advising on large loans that will be booked by the foreign head office).
4. 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:

1. Prior Approval: The foreign bank must obtain the prior written approval from the Bank of Ghana.
2. Head Office Permission: It must submit permission from the supervisor in the country where the foreign bank has its head office.
3. 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.