Banking & Finance

Draw Lessons From Elsewhere To Revamp Banking Sector — Seth Terkper

Former Finance Minister, Mr Seth Terkper, has stressed the need for a review of the country’s banking laws to incorporate same practices as used in other advanced countries. “We need to make the necessary regulatory corrections and necessary statutory corrections, insist on proper oversight resposibilities by Parliament, and explore the possibility of placing the non-bank financial sector under a financial ...

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Ghana Revenue Authority To Undertake Excise Tax Stamp Enforcement

The Ghana Revenue Authority (GRA) says its enforcement task force teams will soon conduct unannounced inspection visits to enforce compliance of the Excise Tax Stamp Act. A statement issued by the Commissioner-General of the GRA said, products without the Tax Stamp would be detained and or seized and applicable sanctions imposed. The Act requires that Excise Tax Stamp be affixed ...

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Banking consultant supports enactment of Financial Stability Act

A banking consultant, Dr. Richmond Atuahene has backed calls for the enactment of a financial stability sector act to enhance collaboration among regulators in the financial space. The calls for the crafting of such a law followed the three day probe by Parliament’s Finance Committee into the banking sector crisis, which unearthed  the lack of collaboration among regulators in the banking, ...

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Cedi to hit 5 to a dollar as external pressures soar – Analyst

Some currency analysts are projecting that the cedi will continue its losing streak against major trading currencies until external factors influencing its performance, subsidise. The local currency has been depreciating against the dollar particularly for some time now with some analysts it will hit the 5 cedis mark soon. As at close of business on Monday [September 10, 2018], some ...

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Invest pension funds in local banks – Dr Nduom advises

Dr P.K Nduom

The Chairman of Groupe Nduom, Dr Papa Kwesi Nduom, has encouraged stakeholders in the pensions industry to consider investing a portion of the country’s private pension funds in local banks to help them meet the new capital requirement of GH¢400 million. He believes the country’s private pension funds could be invested in some of the local banks and, therefore, urged ...

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Actuarial Projection on SSNIT benefits payout


PROF. STEPHEN YEBOAH, CHIEF ACTUARY- SSNIT The Social Security and National Insurance Trust (SSNIT) is a statutory public Trust charged under the National Pensions Act, 2008 Act 766 with the administration of Ghana’s Basic National Social Security Scheme. Its mandate is to cater for the First Tier of the Three-Tier Pension Scheme. The Trust is currently the largest non-bank financial ...

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We tend to receive money almost every time. Students receive money when going for school. Salaried workers receive money when time for compensation is due. In much the same way, the woman who operates a provisions store or the one who sells at the market receives money after a day’s work. But it is sad to note that people still ...

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One of the areas that has great human influence is auditing. The extent of impact it will have depends on how best auditing knowledge, skills, tools and techniques are utilized. The world has experienced a number of accounting scandals leading to many corporate failures and eventually resulting in the introduction of measures to curb the situation and to prevent future ...

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SIC Insurance will use MoMo to spur penetration

SIC Insurance, one of the country’s biggest insurers, has said it will soon outdoor an innovation that allows customers to purchase non-life insurance policies using mobile money, among other mobile payment channels, as part of plans to consolidate its market position. Speaking at a media interaction over the weekend, its Managing Director, Stephen Oduro, said the indigenous insurance company is ...

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