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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

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    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

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    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

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

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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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Ghana’s laws are business-friendly – Diasporans urged to invest

August 30, 2020
in Banking And Finance, Business
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Executive Head of Legal Service and Company Secretary at Bank of Africa Ghana (BOA), Mr. Muctar M. Abbas (Esq), has told Ghanaians in the diaspora who intend to invest in the country that Ghana has the right laws to assist their operations in the local economy.

Mr. Abbas also pointed out that Ghana has specialized institutions that are ready to assist them right from the business registration stage to when trading actually commences.

He said the investors must clear all doubts in their minds with respect to whether or not Ghana is an ideal place to invest, and go ahead to inject their capital into the oil-producing West African country.

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He spoke at a webinar for over 500 Ghanaians in the diaspora under theme: “Ghana, An Ideal Destination for Diaspora Investors”.

The event was organized by Bank of Africa to attract Ghanaian and other foreign nationals in the diaspora to invest in the Ghanaian economy. This is the second of a 3-part webinar series scheduled to offer the needed information that will assist diasporans to invest in Ghana.

Mr. Abbas emphasized that the relevant state institutions are first and foremost, enablers of investments and business operations in their respective sectors.

He added with the introduction of technology and the digitalization of processes, “Many of the institutions are also employing technology to expedite transactions and lessen the burden of businesses in their dealings with them.”

Explaining the business registration requirements in Ghana, Mr. Abbas told the gathering that the law requires of them to provide particulars of the company; name, object, address, telephone number and email address, as well as particulars of shareholders/subscribers: name /Date of Birth, Profession/Tax Identification Number/Address.

“They are also to provide the particulars of the beneficial owners, the particulars of at least 2 directors, Directors statutory declarations, particulars of external auditors, particulars of company secretary, company’s constitution /regulations and amount of stated capital and number of shares (ltd).”

“Some of the statutory registration requirements of businesses in Ghana include registration with: Ghana Investment Promotion Centre, (GIPC), the Ghana revenue Authority (GRA) Social Security and National Insurance Trust (SSNIT) National Pensions Regulatory Authority (NPRA), Local Authority business,” he said.

Also speaking at the webinar was Caliis Nii Oman Badoo (Esq), who took the participants through the structure and regulatory environment of Ghana’s financial sector including the frameworks that affect investment, Banking and Non-Banking transactions, securities and capital sector, new developments in West Africa etc.
He sensitized the audience on some amended Acts and some new Acts which have been passed to help streamline activities.

Amongst them are Banks and Specialized Deposit-taking Institutions Act, 2016 (Act 930), Non-Bank Financial Institutions Act, 2008 (Act 774), Securities Industry Act, 2016 (Act 929), Alternative Dispute Resolution Act, 2010 (Act 798), Companies Act, 2020 (Act 992), Corporate Insolvency and Restructuring Act, 2020 (Act 1015) etc.
Under the Capital market, he explained that, Ghana Commodity Exchange is there to assist small and medium-scale start-ups.

The Ghana Commodity Exchange is structured to promote Public Private Partnership with the aim of establishing a linkage between the agric sector and commodity producers and buyers, he said.

Caliis again said that this will ensure competitive pricing for agricultural products as well as guarantee the quality of produce.

Touching on new developments in the West African Market, he spoke of the West Africa Capital Integration Council (WACMIC). This institution was established to bring together stock exchange markets in the sub-region and also create more options for brokers, investment bankers and fund managers among others.

He added that the West Africa Securities Regulatory Association (WASRA) as constituted consists of Capital Market regulators in the West African sub-region.

He said the Association seeks to foster market integration within the region, and offers a common platform to allow capital to be raised across borders within the region with same benchmarks.

He added that there is also the Alternative Dispute Resolution Act, 2010, that allows arbitration awards from countries that are not signatories to the United Nations Convention on the Recognition and Enforcement of Foreign Arbitral Awards. This presents some relief on all disagreements and court judgments that may arise in the course of business their business transactions.

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