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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

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

    We want Ghanaians to own 30% of MTN Ghana shares by end of 2022 – GROUP CEO

    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

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

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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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    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

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Kenya:Man wants bank interest rate capping law suspended

bycitibusinessnews
October 12, 2016
in Africa, East Africa
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A Nairobi resident has moved to court seeking to have the new law that regulates interest rates on bank loans suspended.

Mr Boniface Oduor has sued the Central Bank of Kenya, the Kenya Bankers Association and the Attorney General challenging the Banking Act which was signed into law by President Uhuru Kenyatta in August.

Mr Oduor claims in the case filed at the High Court on Wednesday that the Act is discriminatory to banks and financial institutions.

Through lawyer Miller Bwire, Mr Oduor argues that the law fails to prescribe penalties for non-compliance, terming it ambiguous.

He also faults the fact that the Senate was not involved in debating and passing the Bill, adding that the responsibility of formulating and implementing monetary policy lies with the CBK and not the National Assembly.

“The open breach and defiance of the Constitution should not be allowed to continue as it is likely to cause instability in the financial markets to the detriment of the entire country,” Mr Bwire said.

According to Mr Oduor, the Act is unconstitutional since it was not jointly considered by Speakers of both the National Assembly and the Senate.

He argued that the National Assembly has no power to direct or control the CBK in formulating or implementing monetary policy.

He also claims that law does not promote sustainable development, human dignity and equality and it deprives bank CEOs the right to freedom and security.

“Unless conservatory orders are made and the case herein is heard and determined urgently, Kenyans’ rights will continue to be violated, this must not be permitted at all costs,” he says.

He argues that capping interest rates at four per cent above the CBR is an interference with market stability.

The Banking Act was passed in the National Assembly on July 28 and came into force on September 14.

Mr Oduor wants the Act declared null and void.

–
Credit: Business Daily
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