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.