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

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    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

    Old Mutual celebrates 177th anniversary globally, 10 years in Ghana

    Gov’t expenditure needs to be checked to help deal with inflation – ICAG

    Take control of financing on the continent – Ofori-Atta to AfDB

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

    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

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    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

    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

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

    Transactions to be affected by E-levy

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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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New BoG rule on foreign banks laudable- Consultant

bycitibusinessnews
November 11, 2016
in Banking And Finance, Government, Top Stories
Nana Otuo Acheampong

Nana Otuo Acheampong

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Some financial observers have lauded moves by the Bank of Ghana(BoG) to bar foreign banks from occupying the Managing Director position and Board Chair position concurrently with foreigners.

The Second Deputy Governor of the Bank of Ghana, Dr. Johnson Asiama speaking at forum in Accra announced that the central bank will soon come out with a new rule that will prevent foreign banks from concurrently occupying the Managing Director position and the Board Chair position.

Explaining the importance of the new rule to Citi Business News, banking Consultant, Nana Otuo Acheampong stated that the law will compel foreign banks to fill one of the positions with a Ghanaian to enhance transparency.

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According to him, the process is part of a broader move by the central l bank to monitor activities of  all commercial banks in the country.

“If you are foreign bank and say you have located here, then we are asking you to at least make one of the two top positions local, that is either the CEO is Ghanaian and then the Board Chairman is foreign, or vice versa,” he said.

“We are talking about the nationality of the two top positions in the bank. The two top positions are at the executive is the Chief Executive, and  at the non-executive level the Board Chairman. So what  we are saying is if you are a foreign bank reserve one for a Ghanaian,” he explained.

Other areas of the new BoG rules

Touching on other areas of the new rules that is yet to be enforced, Nana Otuo Acheampong allayed fears the provision that will limit the tenure of MDs and CEOs in the banking industry to 15 years will take a retrospective effect.

Dr. Asiama in announcing aspects of the new rules disclosed that the new regulation will cap the tenure of office of bank MDs to a period of three terms per  five years.

But Nana Otuo Acheampong explained that the regulation will not take a retrospective effect since the constitution of Ghana frowns on such laws.

According to him, the rule will take effect from the first day it is introduced since it cannot be used to make changes in the past.

“It will not take a retrospective effect so if anything at all it will be hence forth but not take the past into account,” he said.

“As at now it’s only CAL Bank MD who has done more than 15 years. The law will be respective but not retrospective” he stressed.

–

By: Lawrence Segbefia/citibusinessnews.com/Ghana

 

 

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