The sources of Ghanaian law are hierarchically structured under Article 11 of the 1992 Constitution, which outlines the laws of Ghana. These sources provide the foundation for banking operations, ensuring compliance with regulations like the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930). Below is a detailed explanation with practical banking applications:

• The Constitution: As the supreme law (Article 1(2)), it overrides all other laws. It includes provisions on property rights (Article 18), contracts (implicit in freedoms), and economic policies affecting banking. For example, Article 36 mandates sound economic management, influencing BoG’s monetary policies post the 2022-2024 DDEP, where banks like Ecobank Ghana had to align recapitalization with constitutional fiscal principles.
• Enactments by or under the Authority of Parliament: This includes Acts of Parliament and subsidiary legislation (Legislative Instruments). Key banking examples: the Banking Act, 2004 (repealed by Act 930), Payment Systems and Services Act, 2019 (Act 987) for fintech, and BoG directives like the Corporate Governance Directive 2018. In practice, banks must comply with these for licensing; non-compliance led to the revocation of licenses during the 2017-2019 cleanup of banks like Capital Bank.
• Existing Laws at the Time of the Constitution: Laws in force before 1993, including common law, that are not inconsistent with the Constitution. This encompasses English common law and equity adopted via Article 11(1)(e), applied in banking contracts and torts. For instance, the rule in Clayton’s Case (1816) on account appropriations is used in Ghanaian banks for managing multiple credits/debits.
• Common Law: Includes doctrines of equity and general rules from English law as of 1874, adapted to Ghana. In banking, this covers fiduciary duties, negligence (e.g., in advice-giving), and equitable remedies like specific performance for loan contracts. A real-world application is in mortgage enforcements, where equitable charges are common for securities at Stanbic Bank Ghana.
• Customary Law: Rules applicable to specific communities, as discussed in Q1. In banking, it affects land securities and succession; e.g., under PNDCL 111, banks handle intestate estates differently from customary norms to avoid disputes.

These sources interact dynamically; statutory law often supersedes custom, and case law interprets them. In day-to-day banking, compliance teams at major banks cross-reference these to mitigate risks, such as in outsourcing under BoG’s Cyber and Information Security Directive 2020, ensuring alignment with constitutional data protection principles for resilience and ethical practices.