The Bank of Ghana Ordinance (No. 34) of 1957 established the central bank to primarily issue currency, administer monetary policies and be the fiscal agent and banker of the government (BoG, 2011; Gakpleazi, 2011). According to Mawutor (2014) and Osakunou (2009), Bank of Ghana Act 1963 (Act 182) was enacted to make provision for the lacuna in regulatory and supervisory role of the central bank which was not addressed by the Bank of Ghana Ordinance (No. 34) of 1957. The Act 182 was amended by the Bank of Ghana (Amendment) Act 1965 (Act 282). The first banking law, Act 339 was decreed in 1970 to amongst other provisions set the minimum capital and reserve requirements, institute the Chief Examiner of Banks and delineate allowable activities (Mensah, 2009). The economy experienced difficulties that upset the banking system around 1983. Most banks were undercapitalised from rising inflation, increasing “crowding out” , inadequate banking supervision, non-existent foreign exchange reserves and rising non-performing loans (Antwi-Asare & Addison, 2000; Doe, 2012). With technical assistance from the International Monetary Fund, Ghana instituted two phases of an Economic Recovery Programme from 1984-1989 to restructure, develop and stabilise the economy. A more comprehensive Financial Sector Adjustment Programme (FINSAP) was initiated from 1988-2003 with assistance from the World Bank and governments of Japan and Switzerland. FINSAP comprised of restructuring institutions, improving the legal and regulatory context for banking operations and relaxing interest rates (Quartey & Afful-Mensah, 2014; Sowa, 2002). As a sequel, Adjei-Frimpong (2013) documented the enactment of the >