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    Ghana’s 2022 economic outlook to remain positive; GDP projected to grow by 5.3% – AfDB report

    African governments tasked to look within the continent in their bid for transformation

    COCOBOD closes purchases for 2021/2022 main crop cocoa season

    Ghana Life Insurance Ltd accused of employing delay tactics in payment of claims

    BoG urged African DFIs to enhance credit rating positions to boost investment

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

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    6th Ghana CEO Summit to focus on digital leadership for the digital economy

    Ghana Life Insurance Ltd accused of employing delay tactics in payment of claims

    BoG urged African DFIs to enhance credit rating positions to boost investment

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

    Gold exports push Ghana’s trade surplus to $1.3 billion in April

    Value of MoMo transactions decrease by 3% between March and April 2022

    Inflation rate likely to drop to single digits in 2023 – Dr. Ernest Addison

    Monetary Policy Rate increased again by 200 basis points; now at 19%

    Government partners private companies to mine abandoned iron ore in Oti Region

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    Government to invest heavily in internet safety – Ursula pledges

    Ho Node Hub rebrands as Node Eight

    Elon Musk strikes deal to buy Twitter for $44bn

    Block chain’s success will depend on supportive policy environment – Prof. Quaynor

    1.5% E-Levy rate will negatively impact GH¢6.9 billion target – Prof. Quartey

    Transactions to be affected by E-levy

    Bethniel Finance emerges winner in Innovation Challenge Program

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    We’ll avert any looming food crisis with effective planning – AfDB Boss

    Standard of cars assembled in Ghana will not be compromised – GSA assures

    GUTA urges gov’t to get other countries to open their borders to facilitate trade

    Kyle Kelhofer appointed as IFC Senior Country Manager for Benin, Ghana, Liberia, Sierra Leone, and Togo

    Greater, more diverse participation in global trade is key to achieving Africa’s economic transformation – World Bank

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Parliament passes Banks and Special Deposit Taking Bill

bycitibusinessnews
July 13, 2016
in Banking And Finance, Government, Top Stories
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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.

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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

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