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    Golden Tulip Hotels not sold; leased for 12 years – Management

    Tullow Ghana awards KNK contract to Petrofac as part of transformation project

    We did no wrong in sale of 260 metric tonnes of slop oil – TOR

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    ‘Seeking IMF bailout doesn’t mean e-levy has failed’ – Oppong Nkrumah

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    IMF team arrives in Ghana on Tuesday ahead of Wednesday’s bailout talks

    Golden Tulip Hotels not sold; leased for 12 years – Management

    Tullow Ghana awards KNK contract to Petrofac as part of transformation project

    We did no wrong in sale of 260 metric tonnes of slop oil – TOR

    President and Board Chairman of Afreximbank, Prof Benedict Oramah

    Plans are underway to complete fertilizer, railway projects in Ghana – Afreximbank

    Free SHS and other programs must be redesigned now – Seth Terkper

    KGL Group hosts Nigeria Lottery Regulatory Commission CEO Mr. Lanre Gbajabiamila

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    Golden Tulip Hotels not sold; leased for 12 years – Management

    Tullow Ghana awards KNK contract to Petrofac as part of transformation project

    We did no wrong in sale of 260 metric tonnes of slop oil – TOR

    Increase investments in digitisation platforms to ensure safe trade transactions under AfCFTA – BoG

    Fuel prices to go up as NPA announces restoration of UPPF margin

    [From the left] Thomas Abanga (CEO of Abanga Farms & Food Systems), Selma Ashipala Musavyi (Namibia High Commissioner to Ghana), Dr. Benjamin Sasu (Head of Food Safety), Mrs. Chariti Gbadawo (Director at the Ministry of Foreign Affairs & Regional Integration) ), Prof Bani (Board Chairman, Abanga Farms and Food Systems) and Clarence Zamuee (MEATCO Rep)

    Ghana’s Abanga Farms & Food Systems and Namibia’s Meatco in big partnership

    Gov’t still plans on tabling a legislation to compel banks to lend to the Agric sector – Agric Minister

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Enterprise Group PLC records 37% rise in revenue in 2021

  • TECHNOLOGY

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

    BoG, CSA deepen collaboration to fight cyber threats

    Dr. Bawumia unveils Ghana’s first Tier IV data centre

    ADB pioneers in global remittance services in Ghana [ARTICLE]

    Introduction of GhanaPay complements efforts to capture the unbanked into digital payments ecosystem – Veep

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    Chamber of Telecommunications calls for more investment into Technology to improve livelihoods

    Citi Business Festival: Address lack of financial data challenges using MoMo – Rufai Abdul Majeed

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    Ivory Coast is set to receive $26.1 billion worth of development finance from 4 lenders, the EU and France

    Gulf central banks, Bank of England raise policy rates after Fed hike

    US Fed meets inflation surge with 75bp hike

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    Modern airline tickets design with flight time and passenger name. Plane tickets vector pictogram. Airline boarding pass template. Vector illustration. The concept of air transportation

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    Bawumia calls for more AfDB support as African economies battle global challenges

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

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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

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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.

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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

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