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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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    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

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

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    Gov’t to commence talks with IMF for bailout

    Financing agric sector alone not enough to grow it – GIRSAL CEO

    We’re not charging E-levy on merchant accounts – GRA

    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

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

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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”

    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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    Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia

    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

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

    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

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

    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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Banks welcome Deposit Protection Bill

bycitibusinessnews
July 8, 2016
in Banking And Finance, Government, Local Economy, Top Stories
John Awuah

John Awuah

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Some players within the banking industry have welcomed the passage of the Deposit Protection Bill, stating that the law will increase confidence in Ghana’s financial sector despite the low compensation package captured in it.

Parliament last week passed the Deposit Protection Bill awaiting presidential assent but the bill has received some criticisms from some stakeholders in the financial sector who have described the compensation packages as inadequate.

According to the bill, depositors in the banking category are entitled to GHS 6,250 in compensation if the bank goes under, while customers of other financial institutions such as microfinance are entitled to GHS1, 250 in compensation.

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Speaking to Citi Business News at the sidelines of  an event organized by UMB to host the Indian Association of Ghana, the Managing Director of the bank John Awuah maintained that all concerns raised by banks were considered before the bill were passed.

“It’s a bill for the people we had some level of banking failures  in the country before. Anything that goes to protect the interest of our customer base we are all for it,” he said.

Mr. Awuah stated that with the passage of the bill customers in the financial sector will be encouraged to cultivate savings habit since they would be assured of the safety of their funds.

He maintained that the banking association adequately had its concerns and issues captured in the bill.

“We had our views addressed. The banking association was consulted and we think the bill is good for now. We endorse it as a good step”, he stressed.

He reiterated that with the current banking environment, the compensation package intended for depositors in the bill is sufficient.

UMB meets Indian Association of Ghana

Mr. Awuah made the assertions at the sidelines of an event held in Accra to educate foreign business owners on Ghana’s tax system.

The meeting which was in collaboration with the Indian Association of Ghana was aimed at educated the participants on the tax laws of the country.

Speaking on the topic, “Conquering the Tax landscape in Ghana”, Tax Analyst, Abdallah Ali-Nakyea cautioned that there is a thin line between tax evasion and tax avoidance which most often is misconstrued by business owners.

He warned that even though tax evasion is illegal, tax avoidance is legal but require expert knowledge to achieve.

He stated that there are many relief laws that exempt business owners from paying high taxes but most people are oblivious of the existence of such laws.

–

By:Lawrence Segebfia/citibusinessnews.com/Ghana

 

 

 

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