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    GHASALC laments drop on number of digital transactions following e-levy

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    We’re not charging E-levy on merchant accounts – GRA

    Gov’t still plans on tabling a legislation to compel banks to lend to the Agric sector – Agric Minister

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    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Enterprise Group PLC records 37% rise in revenue in 2021

    Prices of petrol, LPG to fall by 4% in first pricing window of July – IES

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    [From the left] Thomas Abanga (CEO of Abanga Farms & Food Systems), Selma Ashipala Musavyi (Namibia High Commissioner to Ghana), Dr. Benjamin Sasu (Head of Food Safety), Mrs. Chariti Gbadawo (Director at the Ministry of Foreign Affairs & Regional Integration) ), Prof Bani (Board Chairman, Abanga Farms and Food Systems) and Clarence Zamuee (MEATCO Rep)

    Ghana’s Abanga Farms & Food Systems and Namibia’s Meatco in big partnership

    Gov’t still plans on tabling a legislation to compel banks to lend to the Agric sector – Agric Minister

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Enterprise Group PLC records 37% rise in revenue in 2021

    Prices of petrol, LPG to fall by 4% in first pricing window of July – IES

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

    ASTM International pledges support for Ghana’s petroleum industry

    NIB MD laments cost of borrowing for private sector

    Finance professionals urged to develop strategies to boost ESG-driven business environment

  • TECHNOLOGY

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

    BoG, CSA deepen collaboration to fight cyber threats

    Dr. Bawumia unveils Ghana’s first Tier IV data centre

    ADB pioneers in global remittance services in Ghana [ARTICLE]

    Introduction of GhanaPay complements efforts to capture the unbanked into digital payments ecosystem – Veep

    #CitiBusinessFestival: How the country can take advantage of the “Ghana Opportunity”

    Chamber of Telecommunications calls for more investment into Technology to improve livelihoods

    Citi Business Festival: Address lack of financial data challenges using MoMo – Rufai Abdul Majeed

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    Africa’s internet economy to cross $180 billion by 2025: Report

    Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia

    Ivory Coast is set to receive $26.1 billion worth of development finance from 4 lenders, the EU and France

    Gulf central banks, Bank of England raise policy rates after Fed hike

    US Fed meets inflation surge with 75bp hike

    As Nigeria’s inflation rate accelerates to 17.71%, the World Bank warns millions could face extreme poverty

    Modern airline tickets design with flight time and passenger name. Plane tickets vector pictogram. Airline boarding pass template. Vector illustration. The concept of air transportation

    Ticket prices to rise following B.A schedule change on Accra-London-Accra route

    Bawumia calls for more AfDB support as African economies battle global challenges

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

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    GHASALC laments drop on number of digital transactions following e-levy

    Gov’t to commence talks with IMF for bailout

    Financing agric sector alone not enough to grow it – GIRSAL CEO

    We’re not charging E-levy on merchant accounts – GRA

    Gov’t still plans on tabling a legislation to compel banks to lend to the Agric sector – Agric Minister

    AfCFTA Secretariat calls for accelerated dev’t for key infrastructure in Africa to boost trade

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Enterprise Group PLC records 37% rise in revenue in 2021

    Prices of petrol, LPG to fall by 4% in first pricing window of July – IES

  • Business
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    • Agribusiness
    • Banking And Finance
    • Manufacturing
    • Markets
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    • Oil And Gas
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    • Transport
    [From the left] Thomas Abanga (CEO of Abanga Farms & Food Systems), Selma Ashipala Musavyi (Namibia High Commissioner to Ghana), Dr. Benjamin Sasu (Head of Food Safety), Mrs. Chariti Gbadawo (Director at the Ministry of Foreign Affairs & Regional Integration) ), Prof Bani (Board Chairman, Abanga Farms and Food Systems) and Clarence Zamuee (MEATCO Rep)

    Ghana’s Abanga Farms & Food Systems and Namibia’s Meatco in big partnership

    Gov’t still plans on tabling a legislation to compel banks to lend to the Agric sector – Agric Minister

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Enterprise Group PLC records 37% rise in revenue in 2021

    Prices of petrol, LPG to fall by 4% in first pricing window of July – IES

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

    ASTM International pledges support for Ghana’s petroleum industry

    NIB MD laments cost of borrowing for private sector

    Finance professionals urged to develop strategies to boost ESG-driven business environment

  • TECHNOLOGY

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

    BoG, CSA deepen collaboration to fight cyber threats

    Dr. Bawumia unveils Ghana’s first Tier IV data centre

    ADB pioneers in global remittance services in Ghana [ARTICLE]

    Introduction of GhanaPay complements efforts to capture the unbanked into digital payments ecosystem – Veep

    #CitiBusinessFestival: How the country can take advantage of the “Ghana Opportunity”

    Chamber of Telecommunications calls for more investment into Technology to improve livelihoods

    Citi Business Festival: Address lack of financial data challenges using MoMo – Rufai Abdul Majeed

  • INTERNATIONAL
    • All
    • Africa
    • Asia
    • Europe
    • Middle East
    • US

    Africa’s internet economy to cross $180 billion by 2025: Report

    Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia

    Ivory Coast is set to receive $26.1 billion worth of development finance from 4 lenders, the EU and France

    Gulf central banks, Bank of England raise policy rates after Fed hike

    US Fed meets inflation surge with 75bp hike

    As Nigeria’s inflation rate accelerates to 17.71%, the World Bank warns millions could face extreme poverty

    Modern airline tickets design with flight time and passenger name. Plane tickets vector pictogram. Airline boarding pass template. Vector illustration. The concept of air transportation

    Ticket prices to rise following B.A schedule change on Accra-London-Accra route

    Bawumia calls for more AfDB support as African economies battle global challenges

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

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Support Bank of Ghana to clean financial sector — CAL Bank MD

byBobbie Osei
May 13, 2019
in Banking And Finance, Business, Economy, Top Stories
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The Managing Director of CAL Bank Limited, Frank Adu Jnr, has urged stakeholders in the financial sector to support the Bank of  Ghana as it cleans the sector.

The Bank of Ghana, last week sent out a notice, strongly indicating that it will punish persons, companies or institutions dealing in the foreign exchange business without authorization from the bank.

Speaking to Citi Business News about the Central Banks’ efforts to sanitize Ghana’s Foreign Exchange market, Mr. Adu Jnr said it was important for all stakeholders including the general public to support the Bank of Ghana’s efforts at strengthening the local currency.

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“Let’s support the Governor to achieve what he has set out in front of him as well as what the law says. But the thing is that for any law to be effective you must have the right structures in place. If you don’t have the right structures in place then the laws are just laws.”

The legal tenders in Ghana are the Cedi and Pesewa

The BoG in its recent notice warned that the Foreign Exchange Act, 2006 (Act 723) prohibits the pricing, advertising and receipt or payment for goods and services in foreign currency in Ghana.

The Central Bank thus reminded the general public and the business community that the sole legal tender in Ghana is the Ghana Cedi and Ghana pesewa.

38 forex bureaux face closure by Bank of Ghana

The Bank of Ghana at the beginning of May, 2019 threatened to close down forex bureaus that were not complying with its operational regulations. In a letter sent to the Forex Bureaux Association and sighted by Citi Business News, the BoG named 38 forex bureaus that were not complying with the central bank’s regulations.

The affected 38 forex bureaux are in the Greater Accra Region, Ashanti and the Northern regions. Twenty-eight are in located in various places in Accra including, Adabraka, New town, Zongo Junction and Kaneshie.  Nine are in Kumasi specifically Adum and Suame and one in Tamale.

They have been cited for non-compliance of various regulations including non-renewal of licenses, failure to submit audited accounts, failure to submit monthly financial reports and failure to operate within a period of 2 years. Some were also cited for failure to check the IDs of individuals who did business with them.

Per the Bank of Ghana Forex Bureau Regulations issued in accordance with the Foreign Exchange Act, 2006 (Act 723), forex bureaux operators must capture all purchases and sales electronically and issue receipts accordingly.

Also, all customers must provide valid national identification or other valid personal ID such as Voter’s ID, Passport or Driver’s License when engaging in forex transactions with Forex Bureau. All licensed Forex Bureaux must submit the required monthly returns electronically to the Bank of Ghana within five (5) working days after the end of the month.

All licensed Forex Bureaux operators must renew their licenses every two years. And this must be done by submitting:

  1. Copy of Tax Clearance Certificate
  2. Copy of Insurance Certificate
  3. Extract of Audited Accounts
  4. Bank Statements
  5. Proof of filing of Annual Returns at the Registrar General’s Department
  6. The Bank of Ghana had warned that failure to do all these will result in the revocation of license of defaulters.

The affected operators have up to May 15 to comply with the requirements or risk losing their licenses.

 

 

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[From the left] Thomas Abanga (CEO of Abanga Farms & Food Systems), Selma Ashipala Musavyi (Namibia High Commissioner to Ghana), Dr. Benjamin Sasu (Head of Food Safety), Mrs. Chariti Gbadawo (Director at the Ministry of Foreign Affairs & Regional Integration) ), Prof Bani (Board Chairman, Abanga Farms and Food Systems) and Clarence Zamuee (MEATCO Rep)

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