Class II banking business : banking business or investment banking business conducted in currencies other than the Ghanaian currency except to the extent permitted by the Bank of Ghana for trading on the foreign exchange market of Ghana and investment in money market instruments ( short term investments normally not exceeding 1 year). Class I banking business: banking business other than class II banking business (conducting business not exclusively in foreign currency, i.e. in Ghana Cedis and other currencies.”

WHAT IS BANKING BUSINESS?

According to Section 90 of the Banking Act, 2004 ( Act 673), banking business means accepting deposits of money from the public repayable on demand or otherwise and withdrawable by cheque, draft , orders or by any other means; Financing whether in whole or in part or by way of short, medium or long term loans or advances, of trade, industry commerce or agriculture and Any other business activity that the Bank of Ghana may prescribe or recognize as being part of a banking activity. Examples of other business recognize by the bank of Ghana –Permissible Activities of banks , see section 11 of Act 673. Accepting of deposits and any other repayable funds from the public; Lending; Financial leasing; Investment in financial securities; Money transmission services; Issuing and administering means of payment including credit cards, travelers cheques and bankers’ drafts; Guarantees and commitments; Trading for own account or for account of customers in –(i) money market instruments; foreign exchange, or transferable securities; Participation in securities issues and provision of services related to those issues; Advice to undertakings on capital structure, acquisition and merger of undertaking; Portfolio management and advice; The keeping and administration of securities; Credit reference services; Safe custody of valuables; Electronic banking ; and Any other services as the Bank of Ghana may determine. Apart from the activities listed under section 11 of Act 673, the Bank of Ghana may by notification in writing restrict the permissible activities in General or a class of banks or an individual bank or remove the restriction so imposed as it considers. Not too long ago Access bank was barred from managing foreign exchange accounts for six months because of anti-money laundering issues.-see section 11(2)