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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%

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

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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

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

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

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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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Replace BoG’s complaints wing with independent Ombudsman – Nana Otuo Acheampong  

bycitibusinessnews
December 22, 2016
in Banking And Finance, Government, Local Economy, Top Stories
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The Bank of Ghana may have to resort to an independent body if it wants to effectively address concerns within the banking industry and reduce apprehension among industry players.

This is the advice from Banking Consultant, Nana Otuo Acheampong.

His comment comes on the back of a new contact centre to handle all concerns relating to the operations of the central bank and financial institutions.

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Though the centre is yet to be launched, Nana Otuo Acheampong cautions leaving the management of the complaints wing of the center in the hands of the central bank will limit the handling of complaints against the industry regulator.

“I would think we should go the whole hog and take it out of them and establish an independent body, a body independent of the regulator and the regulated who will then sit as an arbiter because if it’s over 100,000 in the UK, they will ask you to take it to court but within 100,000 they will settle it at that level but even within the judicial system in Ghana, mediation is being promoted, so why don’t we do that,” Nana Otuo Acheampong opined.

He also urged the establishment of an ombudsman as an alternative to the constraints posed by the central bank operating the contact centre.

Citing earlier calls by renowned Statesman, Hackman Owusu Agyemang for proper regulation of the financial industry, Nana Otuo Acheampong believes a decision backed by law will facilitate the process and protect the public.

“Former MP Hackman Owusu Agyemang, has been campaigning for that so I think now that he is in government, he should urge Parliament to carry that out. Parliamentarians should table this and have it passed so that we can have an independent ombudsman and see to the welfare especially of the consumers who are often the victims against the banks.”

The general public will be able to access the services after a technical launch on Friday, December 23, 2016.

Speaking ahead of the official commencement of work, the Director of Communications at the Bank of Ghana, Bernard Otabil explained that the move also formed part of the Central bank’s strategic plan of improving on its relationship with the public.

“With the growth of the financial sector over the years, there has to be the need to meet the demands of people who getting in touch with the bank with all kinds of request at various points in time and we felt that there is the need to have an institution that will be able to deal with the queries and also the kind of information that people want from the central bank,” he stated.

–

By: Anita Arthur/citibusinessnews.com/Ghana

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