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    Manufacture of petroleum products push PPI to 31.2% in April

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    A petrol station worker fuels a car along Kimathi street on July 14 2019,after the Energy and Petroleum Regulatory Authority (EPRA) announced new retail pump prices of petroleum products effective from July 15 to August 14, 2019.price of super petrol increase by Sh0.29 per litre while diesel and kerosene decreased by Sh0.88 and SH2.31 per litre respectively.PHOTO|SILA KIPLAGAT

    NPA allays fears of fuel scarcity in the country

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    Manufacture of petroleum products push PPI to 31.2% in April

    Togbe Afede XIV urges BoG to introduce measures to deal with rising inflation

    GEA/Mastercard Foundation Young Africa Works supports 3,000 Beneficiaries with Start-up Kits

    Akufo-Addo worried over impact of fertiliser shortage on poultry industry

    Nigeria begins processes to join Ghana-Côte d’Ivoire Cocoa Initiative

    Agribusiness Chamber demands resignation of Agric Minister over sector woes

    BoG Governor confident inflation has peaked; expects rate to start declining

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    BoG’s inflation targeting framework can’t reduce rise in inflation – IEA

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    Manufacture of petroleum products push PPI to 31.2% in April

    Nigeria begins processes to join Ghana-Côte d’Ivoire Cocoa Initiative

    Victor Yaw Asante, FBNBank Ghana MD

    Banks will continue to innovate to meet customers’ expectations – FBNBank’s MD

    6th CEO’s Summit pushes for ease of doing business law to boost economic growth

    Policy rate likely to be increased to tame inflation – Databank CEO

    Banking Consultant bemoans continuous charging of unfair fees by banks

    Chamber of IPPs disappointed over ECG’s tariff increase request

    A comprehensive storage strategy will deal with post – harvest losses & inflation – CSIR

    A petrol station worker fuels a car along Kimathi street on July 14 2019,after the Energy and Petroleum Regulatory Authority (EPRA) announced new retail pump prices of petroleum products effective from July 15 to August 14, 2019.price of super petrol increase by Sh0.29 per litre while diesel and kerosene decreased by Sh0.88 and SH2.31 per litre respectively.PHOTO|SILA KIPLAGAT

    NPA allays fears of fuel scarcity in the country

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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

    Taxing of non-resident e-commerce entities in Ghana could push prices up – Technology Consultant

    BoG cautions against fraudulent money-doubling scheme ‘BitCash Currency Exchange’

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

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    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

    Seth Terkper advises against e-levy; urges government to run to IMF

    AfCFTA members conclude negotiations on rules of origin to enhance free trade

    Implement strategies to sustain increased consumer preference for digital payments – Bawumia

    Strict enforcement of AfCFTA regulatory framework will ensure smooth implementation of PAPSS – Bawumia 

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Finance Ministry forwards new mobile money law to AG’s office

bycitibusinessnews
November 17, 2016
in Banking And Finance, Government, Local Economy, Top Stories
Share on FacebookShare on TwitterShare on Whatsapp

The Finance Ministry has hinted to Citi Business News it will soon present the new Payment Services Regulation to the Attorney General (AG)’s Department for further scrutiny.

The Payment Services Regulation is to replace the Electronic Money Issuers (EMI) Guidelines which currently regulates electronic financial services in the country.

“Truly there is a new set of regulation that has to go to Parliament for approval and we are working on it. I know it will get to the Attorney General Department any time from now maybe in about a few weeks,” Nicholas Gyabaah of the Financial Sector Division at the Ministry of Finance told Citi Business News.

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The need for a law backed by Parliament has also become necessary following the increased patronage of mobile financial services and concerns on some lapses in the current guidelines.

For instance the Chamber of Telecommunications estimates that the value of mobile money transactions between 2011 and 2015 hit 35 billion cedis.

Between the same period, volume of mobile money transactions and registered mobile money customers reached 267 million and 13 million respectively.

Also, telecommunication companies and financial institutions have mounted strong defences in several instances for stricter regulations to control the mobile financial space.

Commenting on some key aspects the new law will bring on board, Nicholas Gyabaah who is also the the Head of the Bank and Non-Banking unit of the Financial Sector Division explained to Citi Business News the new law will among others regulate the operations of agency banking and issuing of e-transaction cards.

“We are looking at expanding the space; the challenges are that we have a whole segment of the population who are not served by the conventional bank. So we want to open up and one of the issues that we are looking at is to give a space to agents, that is, agency banking,” he said.

“We are also looking at promoting and enhancing the use of electronic money that is the electronic card.”

–

By: Pius Amihere Eduku/citibusinessnews.com/Ghana

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