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    Ghana Life Insurance Ltd accused of employing delay tactics in payment of claims

    BoG urged African DFIs to enhance credit rating positions to boost investment

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

    Gold exports push Ghana’s trade surplus to $1.3 billion in April

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    Ghana’s 2022 economic outlook to remain positive; GDP projected to grow by 5.3% – AfDB report

    African governments tasked to look within the continent in their bid for transformation

    COCOBOD closes purchases for 2021/2022 main crop cocoa season

    Ghana Life Insurance Ltd accused of employing delay tactics in payment of claims

    BoG urged African DFIs to enhance credit rating positions to boost investment

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

    Gold exports push Ghana’s trade surplus to $1.3 billion in April

    Old Mutual celebrates 177th anniversary globally, 10 years in Ghana

    Gov’t expenditure needs to be checked to help deal with inflation – ICAG

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    Ghana Life Insurance Ltd accused of employing delay tactics in payment of claims

    BoG urged African DFIs to enhance credit rating positions to boost investment

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

    Gold exports push Ghana’s trade surplus to $1.3 billion in April

    Value of MoMo transactions decrease by 3% between March and April 2022

    Inflation rate likely to drop to single digits in 2023 – Dr. Ernest Addison

    Monetary Policy Rate increased again by 200 basis points; now at 19%

    Government partners private companies to mine abandoned iron ore in Oti Region

    Manufacture of petroleum products push PPI to 31.2% in April

  • TECHNOLOGY

    Government to invest heavily in internet safety – Ursula pledges

    Ho Node Hub rebrands as Node Eight

    Elon Musk strikes deal to buy Twitter for $44bn

    Block chain’s success will depend on supportive policy environment – Prof. Quaynor

    1.5% E-Levy rate will negatively impact GH¢6.9 billion target – Prof. Quartey

    Transactions to be affected by E-levy

    Bethniel Finance emerges winner in Innovation Challenge Program

    Taxing of non-resident e-commerce entities in Ghana could push prices up – Technology Consultant

    BoG cautions against fraudulent money-doubling scheme ‘BitCash Currency Exchange’

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    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

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    We’ll avert any looming food crisis with effective planning – AfDB Boss

    Standard of cars assembled in Ghana will not be compromised – GSA assures

    GUTA urges gov’t to get other countries to open their borders to facilitate trade

    Kyle Kelhofer appointed as IFC Senior Country Manager for Benin, Ghana, Liberia, Sierra Leone, and Togo

    Greater, more diverse participation in global trade is key to achieving Africa’s economic transformation – World Bank

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DKM saga: Minority demands answers from BoG

bycitibusinessnews
February 24, 2016
in Banking And Finance, Top Stories
Finance Minister, Mr. Seth Terkper

Finance Minister, Mr. Seth Terkper

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Members of the Minority in Parliament want the House to invite officials of the Bank of Ghana to answer questions on alleged cases of fraud leveled against some Micro-finance companies.

The Minority believe the development has been as a result of a failure by the Bank of Ghana to ensure compliance by the implicated financial institutions,hence their call.

Six individuals including the CEO of DKM Microfinance, Martin Delle were arrested but have since been granted bail for failing to pay customers whose investments running into millions of cedis, have been locked up.

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Ranking member of the Finance Committee in Parliament, Dr. Anthony Akoto Osei believes information provided by the central bank will facilitate the process of solving the current situation.

“Once the Minister has made the statement and the House proceeds, we will find that because they are bringing the Insurance and Special Deposit Bill, there will be the need to invite the Bank of Ghana before we even consider the two Bills and I recommend that we invite them before we even consider the two bills,” Dr. Anthony Akoto remarked.

On his part however, Finance Minister, Seth Tekper indicated that the central bank has commenced investigations into the matter.

He further expressed confidence that the passage of the Ghana Deposit Protection Bill and the Banks and Specialized Deposit Taking Institutions’ Bill will help avert the adverse impact of future occurrences, on customers.

“Sections 20 to 22 of the Banks and Specialized Deposit Taking Institutions’ Bill 2015, deals with the problem of unauthorized deposit taking business extensively by outlining the actions to be taken by the Bank of Ghana.This includes the refund of deposits taken by such businesses and penalties for undertaking such unauthorized deposit taking businesses such as imprisonment for a term not less than two years,” Seth Tekper noted.

– By: Pius Amihere Eduku/citibusinessinews.com/Ghana

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