Business News of Friday, 1 February 2013
The Bank of Ghana has not received any application from the Ghana Armed Forces to establish a bank, XYZ BUSINESS can confirm.
Media reports had suggested that the military intends establishing a bank.
Usually, the Central Bank scrutinizes an application for a license before granting a provisional license.
But XYZ BUSINESS sources at the Central Bank say no law will be flouted if a banking license is granted to the military.
Critics say since the military's primary responsibility is to defend the nation, it has no business owning a bank.
One of Bank of Ghana’s mandate is to grant banking licenses to commercial, merchant and universal banks as well as savings and loans and microfinance institutions.