No Result
View All Result
Saturday, April 1, 2023
Citi Business News
  • Home
  • News
    • All
    • Agriculture
    • Economy
    • General
    • Government
    • Local Economy
    • Top Stories

    BoG cautions against use of Ghana Cedi for bouquets and hampers

    CUTS International pushes for passage of Competition bill

    DBG partners UGBS to deepen development finance

    GH¢5.5bn approved by Parliament not only for Blackshield customers – SEC

    BoG assures of enhanced educational campaigns to ensure proper handling of local currency

    Youth in Accountable Governance calls for passage of outstanding revenue bills

    GRA reiterates calls for businesses to embrace  E-VAT

    IES predicts drop in fuel prices from April 1

    Journalists trained on the Enrolment of cocoa farmers in pension scheme

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

    CUTS International pushes for passage of Competition bill

    DBG partners UGBS to deepen development finance

    Bank of Ghana increases Monetary Policy rate to 29.5%

    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

  • 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

    Ghana and South Africa urged to leverage on AfCFTA to boost bi – lateral relations

    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

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

    BoG cautions against use of Ghana Cedi for bouquets and hampers

    CUTS International pushes for passage of Competition bill

    DBG partners UGBS to deepen development finance

    GH¢5.5bn approved by Parliament not only for Blackshield customers – SEC

    BoG assures of enhanced educational campaigns to ensure proper handling of local currency

    Youth in Accountable Governance calls for passage of outstanding revenue bills

    GRA reiterates calls for businesses to embrace  E-VAT

    IES predicts drop in fuel prices from April 1

    Journalists trained on the Enrolment of cocoa farmers in pension scheme

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

    CUTS International pushes for passage of Competition bill

    DBG partners UGBS to deepen development finance

    Bank of Ghana increases Monetary Policy rate to 29.5%

    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

  • 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

    Ghana and South Africa urged to leverage on AfCFTA to boost bi – lateral relations

    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

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

Parliament passes Banks and Special Deposit Taking Bill

bycitibusinessnews
July 13, 2016
in Banking And Finance, Government, Top Stories
Share on FacebookShare on TwitterShare on Whatsapp

Parliament has passed the Banks and Special Deposit Taking Institutions Bill.

The law, among others is to amend and consolidate the laws relating to deposit taking and to regulate institutions which carry out deposit taking business.

It also re-emphasizes the authority of the Bank of Ghana as the only entity responsible for the granting of licenses to enable deposit taking business in the country.

ADVERTISEMENT

A report by the Finance Committee of Parliament on the Bill indicated that the law will apply to all banks, specialized deposit-taking institutions, financial holding companies, and affiliates of banks, specialized taking institutions and financial holding companies.

It however indicated that credit unions which are subject to licensing and supervision under the Non-Bank Financial Institutions Act, 2008 (Act 774) will not be affected.

According to the Finance Ministry, the Bill is in line with the vision of government’s financial sector reform policies which seek to make the financial sector of the country the preferred source of finance for domestic companies, promote efficient savings mobilization, enhance the competiveness of the country’s financial institutions, ensure a stronger and user-friendly regulatory regime, as well as achieving a deepened and a diversified domestic financial sector.

The Ministry also maintains that the enactment of the Act will also benchmark the legal and regulatory framework set out in the Bill with international principles and standard practices recognized by leading international financial standard setters including the Basel Committee of Banking Supervisors.

Bridge gaps in regulating banks’ solvency

The Ministry further contends that there are currently distinctive gaps in the frameworks for bank resolution or insolvency and the regulatory and supervisory oversight of the financial system which undermine the capacity of the Bank of Ghana to deal with potential crisis.

Among the lapses cited are that conglomerates of some banks in the country’s financial sector have been identified to have subsidiary security firms, industrial and insurance companies.

It therefore posits that since banks are not adequately supervised on a consolidated basis, it was possible that related intra party lending leak out unnoticed and the potential risks resulting from the inter-linkages may lead to systematic effect.

Consumer protection

Under the new law, 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.

Thus the Bank of Ghana has the sole responsibility to license banks and specialized deposit-taking institutions to grant approval to foreign banks with respect to the establishment of representative offices, and to register financial holding companies.

–

By: Pius Amihere Eduku/citibusinessnews.com/Ghana

Related Posts

Business

CUTS International pushes for passage of Competition bill

byEmmanuel Oppong

Think Tank, Consumer Unity and Trust Society (CUTS) is urging government to quicken efforts to pass the Competition bill to...

Read more

GH¢5.5bn approved by Parliament not only for Blackshield customers – SEC

BoG assures of enhanced educational campaigns to ensure proper handling of local currency

Youth in Accountable Governance calls for passage of outstanding revenue bills

GRA reiterates calls for businesses to embrace  E-VAT

IES predicts drop in fuel prices from April 1

Journalists trained on the Enrolment of cocoa farmers in pension scheme

Next Post

Rwanda: Construction Sector, Hotels Top Tax Evaders, Says RRA

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.