No Result
View All Result
Thursday, March 23, 2023
Citi Business News
  • Home
  • News
    • All
    • Agriculture
    • Economy
    • General
    • Government
    • Local Economy
    • Top Stories

    Ghana Best Cocoa Farmers Association lauds COCOBOD boss

    Consider cocoa pricing in your legislation – COCOBOD CEO to EU

    Fitch upgrades Ghana’s Long-term local-currency IDR from ‘RD’ to ‘CCC

    Producer Price Inflation drops to 50.8% in February 2023

    Growth and Sustainability Levy will stifle growth of local oil service companies – Upstream Petroleum Chamber

    Peasant farmers reiterate calls for construction of Pwalugu Multi-Purpose Dam

    ECG disconnects GRA, KFC, Ho Airport others from power grid

    GRA monitoring team retrieves over GHC85m revenue shortfall

    Finance Minister leaves for China for debt negotiations

  • Business
    • All
    • Agribusiness
    • Banking And Finance
    • Manufacturing
    • Markets
    • Mining
    • Oil And Gas
    • Real Estate
    • Tourism
    • Transport

    Industry experts convene to discuss diversification strategies for pension funds

    It’s time to give women top posts in multilateral institutions – GCBL Chairman 

    Global Chamber of business leaders enters into partnership with IEFS

    Gold for Oil policy will save Ghana $4.8bn annually – Veep

    Energy Minister scheduled to speak on Ghana’s near-term opportunities at NAEPEC 2023

    Standard Chartered appoints Ebenezer Twum Asante as Chairman of Board of Directors

    Abena Amoah named in WFE’s top 20 women leaders

    International Women’s Day: Female engineering students tour Karpowership

    BoG directs banks to submit prudential reports on sex-disaggregated basis

  • TECHNOLOGY

    Cyber Security Authority commences licensing and accreditation regime

    Twitter is reportedly planning to charge businesses $1,000 per month to keep gold verified checks

    Ghana withdraws $672m back-tax demand from MTN Group

    MTN to fight $773m tax bill from government

    Telcos to implement 1% E-Levy charge from today

    Huawei Equips 500 Traders in FinTech

    Africans urged to bolster adoption of Bitcoins

    What does 2023 hold? Predictions in payments for the year ahead for Africa

    Meta considered building a Twitter competitor to capitalize on Elon Musk’s ‘crisis’ at company

  • INTERNATIONAL
    • All
    • Africa
    • Asia
    • Europe
    • Middle East
    • US

    Silicon Valley Bank crisis: What led to stock crash, what lies ahead?

    Medical devices market projected to expand by $ 7.1 billion by close of year

    African Union adopts Africa Prosperity Dialogues AfCFTA action plan

    Third World Network Africa urges Africans to be strategic about AfCFTA

    5 important things to know about the African Continental Free Trade Area agreement

    $130bn and $170bn needed annually to bridge Africa’s infrastructural gap – Bawumia

    Feed Africa Summit: African Development Bank to commit $10bn to make continent breadbasket of the world

    Nigeria’s national debt hits an all time as the country struggles with repayment

    What does 2023 hold? Predictions in payments for the year ahead for Africa

  • FEATURES
  • Videos
Citi Business News
  • Home
  • News
    • All
    • Agriculture
    • Economy
    • General
    • Government
    • Local Economy
    • Top Stories

    Ghana Best Cocoa Farmers Association lauds COCOBOD boss

    Consider cocoa pricing in your legislation – COCOBOD CEO to EU

    Fitch upgrades Ghana’s Long-term local-currency IDR from ‘RD’ to ‘CCC

    Producer Price Inflation drops to 50.8% in February 2023

    Growth and Sustainability Levy will stifle growth of local oil service companies – Upstream Petroleum Chamber

    Peasant farmers reiterate calls for construction of Pwalugu Multi-Purpose Dam

    ECG disconnects GRA, KFC, Ho Airport others from power grid

    GRA monitoring team retrieves over GHC85m revenue shortfall

    Finance Minister leaves for China for debt negotiations

  • Business
    • All
    • Agribusiness
    • Banking And Finance
    • Manufacturing
    • Markets
    • Mining
    • Oil And Gas
    • Real Estate
    • Tourism
    • Transport

    Industry experts convene to discuss diversification strategies for pension funds

    It’s time to give women top posts in multilateral institutions – GCBL Chairman 

    Global Chamber of business leaders enters into partnership with IEFS

    Gold for Oil policy will save Ghana $4.8bn annually – Veep

    Energy Minister scheduled to speak on Ghana’s near-term opportunities at NAEPEC 2023

    Standard Chartered appoints Ebenezer Twum Asante as Chairman of Board of Directors

    Abena Amoah named in WFE’s top 20 women leaders

    International Women’s Day: Female engineering students tour Karpowership

    BoG directs banks to submit prudential reports on sex-disaggregated basis

  • TECHNOLOGY

    Cyber Security Authority commences licensing and accreditation regime

    Twitter is reportedly planning to charge businesses $1,000 per month to keep gold verified checks

    Ghana withdraws $672m back-tax demand from MTN Group

    MTN to fight $773m tax bill from government

    Telcos to implement 1% E-Levy charge from today

    Huawei Equips 500 Traders in FinTech

    Africans urged to bolster adoption of Bitcoins

    What does 2023 hold? Predictions in payments for the year ahead for Africa

    Meta considered building a Twitter competitor to capitalize on Elon Musk’s ‘crisis’ at company

  • INTERNATIONAL
    • All
    • Africa
    • Asia
    • Europe
    • Middle East
    • US

    Silicon Valley Bank crisis: What led to stock crash, what lies ahead?

    Medical devices market projected to expand by $ 7.1 billion by close of year

    African Union adopts Africa Prosperity Dialogues AfCFTA action plan

    Third World Network Africa urges Africans to be strategic about AfCFTA

    5 important things to know about the African Continental Free Trade Area agreement

    $130bn and $170bn needed annually to bridge Africa’s infrastructural gap – Bawumia

    Feed Africa Summit: African Development Bank to commit $10bn to make continent breadbasket of the world

    Nigeria’s national debt hits an all time as the country struggles with repayment

    What does 2023 hold? Predictions in payments for the year ahead for Africa

  • FEATURES
  • Videos
No Result
View All Result
Citi Business News
No Result
View All Result

Delegate microfinance supervisory role – Parliament to BoG

bycitibusinessnews
May 11, 2016
in Banking And Finance, Government, Top Stories
Chairman of Parliament's Committee on Finance - James Avedzi

Chairman of Parliament's Committee on Finance - James Avedzi

Share on FacebookShare on TwitterShare on Whatsapp

The Finance Committee of Parliament is advocating the delegation of some oversight responsibilities of microfinance institutions to other Apex bodies other than the Bank of Ghana.

According to the Committee, this will strengthen the control of the over five hundred microfinance companies currently in operation in the country.

The Committee’s comment comes in the wake of growing concerns for effective supervision of the microfinance sector following cases of fraud levelled against some microfinance companies.

ADVERTISEMENT

Hundreds of customers have to bear the brunt over their locked up investments running into millions of cedis in embattled DKM Microfinance, God Is Love Fun Club among others.

The development has also prompted the need to revise Ghana’s laws on financial regulation to protect the interest of depositors and monitor the granting of licenses.

The Chairman of the Finance Committee in Parliament, James Avedzi tells Citi Business News delegating oversight responsibilities to other Apex bodies will largely contribute to cleaning the microfinance sector.

“I think that their work as microfinance institutions are going to be regulated more efficiently but again there is one thing that we noticed that the numbers of these institutions are large and for that matter we are even calling for a separate body like an Apex body that should do the monitoring of these activities because the Bank of Ghana alone cannot, it is too big for the BoG to be monitoring the over 500 microfinance institutions,” he stated.

Currently, Parliament is seeking to pass three Bills that will help sanitise the financial industry in Ghana.

They are; the Ghana Deposit Protection Bill, the Banks and Specialised Deposit Taking Institutions Bill as well as the Securities Industry Bill.

A report by the Finance Committee on the Bill indicated that the new Bill has expanded the role of the Bank of Ghana in order to address unlawful practices within the financial industry,

“The role of the Bank of Ghana indicated under the Banking Act, 2004 (Act 673) has been expanded under the Bill for purposes of clarity, consumer protection and an increase in the supervisory powers of the Bank of Ghana…The Committee considers this positive and hopes the BoG would take advantage of the provisions and improve on its monitory and supervisory roles in order to curb unlawful and improper banking practices emerging in the industry,” the report noted.

It added, “This, the Committee believes will help protect unsuspecting clients and customers from being victims of such unlawful and improper practices.”

But a Banking Consultant and Executive Director of the Osei Tutu II Centre for Executive Education and Research, Nana Otuo Acheampong disagrees with the proposal of Parliament’s Finance Committee.

He argues that the delegation of responsibility to Apex bodies will allow institutions without regulatory mandate to operate.

“I am not in favour of the Apex agencies as none of them is trained in regulations. So if the BoG is the body trained to regulate then they should employ more people, equip them and conduct the necessary supervision,” Nana Otuo Acheampong observed.

He has rather suggested that the Central bank devolves its power to its regional offices across the country.

“The Bank of Ghana as it stands now has regional offices across the country and so if they can devolve regulation to all these branches, then they will be able to regulate the microfinance institutions better than they are doing now. I know they’ve already given intention of doing that but why they have to wait until now beats one’s imagination.”

–

By: Pius Amihere Eduku/citibusinessnews.com/Ghana

Related Posts

Local Economy

Consider cocoa pricing in your legislation – COCOBOD CEO to EU

bycitibusinessnews

Chief Executive of Ghana Cocoa Board (COCOBOD), Joseph Boahen-Aidoo has reiterated his call on the European Union (EU) to reconsider...

Read more

Fitch upgrades Ghana’s Long-term local-currency IDR from ‘RD’ to ‘CCC

Producer Price Inflation drops to 50.8% in February 2023

Growth and Sustainability Levy will stifle growth of local oil service companies – Upstream Petroleum Chamber

Peasant farmers reiterate calls for construction of Pwalugu Multi-Purpose Dam

ECG disconnects GRA, KFC, Ho Airport others from power grid

GRA monitoring team retrieves over GHC85m revenue shortfall

Next Post

SEC investigates adb over IPO results

Video on Demand: Business Weekly

ADVERTISEMENT
Citi Business News

© 2019 Citi Business News - CitiBusinessNews.com by CNR Digital.

Navigate Site

  • Home
  • News
  • Business
  • TECHNOLOGY
  • INTERNATIONAL
  • FEATURES
  • Videos

Follow Us

No Result
View All Result
  • Home
  • News
  • Business
  • TECHNOLOGY
  • INTERNATIONAL
  • FEATURES
  • Videos

© 2019 Citi Business News - CitiBusinessNews.com by CNR Digital.