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    [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)

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    Enterprise Group PLC records 37% rise in revenue in 2021

    Prices of petrol, LPG to fall by 4% in first pricing window of July – IES

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

    ASTM International pledges support for Ghana’s petroleum industry

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

    AfCFTA Secretariat calls for accelerated dev’t for key infrastructure in Africa to boost trade

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

    Enterprise Group PLC records 37% rise in revenue in 2021

    Prices of petrol, LPG to fall by 4% in first pricing window of July – IES

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    ASTM International pledges support for Ghana’s petroleum industry

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    [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

    Prices of petrol, LPG to fall by 4% in first pricing window of July – IES

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

    ASTM International pledges support for Ghana’s petroleum industry

    NIB MD laments cost of borrowing for private sector

    Finance professionals urged to develop strategies to boost ESG-driven business environment

  • 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

    #CitiBusinessFestival: How the country can take advantage of the “Ghana Opportunity”

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

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

    US Fed meets inflation surge with 75bp hike

    As Nigeria’s inflation rate accelerates to 17.71%, the World Bank warns millions could face extreme poverty

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    Ticket prices to rise following B.A schedule change on Accra-London-Accra route

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BOG must monitor repatriation of export receipts – AGI

bycitibusinessnews
June 29, 2016
in Banking And Finance, Local Economy, Top Stories
President of AGI, James Asare Adjei

President of AGI, James Asare Adjei

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The Association of Ghana Industries (AGI) has called on the Bank of Ghana (BOG) to ensure full adherence to its new directive on surrender and repatriation of export receipts by the business community in Ghana.

The AGI also argues the move will allow demand and supply to determine the performance of the cedi against the dollar on the market.

Welcoming the development the President of the AGI James Asare Adjei told Citi Business News it will increase the confidence of the business community in the economy.

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“AGI is very interested in all efforts to facilitate business operations, such as availability of foreign currency for companies especially those who are into the imports of raw materials to be able to get the needed to import equipments and materials for their work,” he said.

He stated that the move will restore confidence to many exporters and encourage them to hold their foreign exchange earnings since they directly have access to it locally.

“But what we need is that the regulator, that is the central bank will have to have the right measure in place to ensure the directives are adhered to by all stakeholders,” he cautioned.

He was of the view that the exporters and importers will cease the habit of hiding their foreign currency.

The BoG will from 1st of July commence the implementation of a new directive which will compel all exporters, except those with Retention Agreements to repatriate in full all their export receipts to their foreign exchange accounts (FEA) with local banks in Ghana to be converted into cedis on need basis.

BOG to monitor export documentation

The Bank of Ghana (BoG) has maintained that the latest surrender and repatriation of export receipts will spur the country’s socio-economic transformation agenda.

The move, it explained is targeted at building an automation platform for export documentation to end the silos monitoring by various government agencies.

In addition, it will allow the BoG to monitor and properly document all exports of goods and services to make sure proceeds are repatriated to Ghana.

Speaking at a stakeholders forum on the implementation of the monitoring software by GCNET, the First Deputy Governor of the BoG,  Millison Narh explained that  the move will help accumulate adequate reserves to support the economic development of the country.

Meanwhile offenders may be deemed to have committed an offence under Section 15 (4) of the Foreign Exchange Act, 2006 and liable on conviction to sanctions as prescribed by a court.

–

By: Norvan Acquah – Hayford/citibusinessnews.com/Ghana

 

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