The Head of Banking Supervision in charge of other Financial Institutions at the Bank of Ghana, Raymond Amanfo, says the\u00a0era of those in the minor savings bracket losing their money to financial institutions will soon be over as his outfit has prepared to be presented to Parliament,\u00a0the Deposit Protection Bill.<\/p>\n
He said the bill will protect the money deposited by clients and will help recover part of their funds in case\u00a0of institutional failure.<\/p>\n
[contextly_sidebar id=”KC8BjHN8UfLHoD19RBuhRd5NcL49UeCe”]”A Deposit Protection Bill is before Parliament and once it gets the nod from the lawmakers, it will build a safety net for small savers through its introduction. These depositors will have a fall-back position in the event of any institutional failure. The bill does not ensure full recovery of deposits but seeks to provide safety nets for depositors. The new bill would provide Banks and SDIs to adhere to stricter prudential norms”<\/p>\n
Mr. Raymond Amanfo was speaking at the branch opening of Ideal Finance, a subsidiary of Ideal Financial Holdings in the Ashanti Region. He reminded the company to position itself to tackle the risks associated with opening more\u00a0branches.<\/p>\n
“There is the need for the management of the institution to be mindful of increased level of risk that characterizes branch expansions and institute measures to mitigate its impact on the depositors and shareholders. Your internal control systems will be put to test as you expand your footprints and increase in size. This will require a strong audit function to have satisfactory oversight of the operations of the branches”<\/p>\n
The Chief Executive Officer of Ideal Financial Holdings, Dr. Kotei Dzani, expressed excitement about attempts by\u00a0Government to review the tax exemption regime.<\/p>\n
He noted that to build a brighter future, Government has to deliberately make policies to help indigenous businesses grow.<\/p>\n
“I am happy that government has taken steps through the 2016 budget to review the tax exemption regime. This is because the situation where local businesses are taxed, sometimes to the point of collapse whilst foreign companies are granted tax exemption is unacceptable”<\/p>\n
“The worst part of it is that at the end of the year, these companies repatriate their profits in the name of paying dividends to their home countries. These amounts are repatriated in dollars thus putting more pressure on the cedi,” he added.<\/p>\n
According to him, the country cannot thrive on imports,\u00a0adding that as much as the government is promoting made in Ghana goods, value should be added to the products produced in Ghana.<\/p>\n
Dr. Dzani added\u00a0that if Ghana, being the second largest producer of Cocoa in the world, is able to determine\u00a0the price of cocoa, the economy would see a rise.<\/p>\n
“Why can’t Ghana as the second largest producer of cocoa in the world together with Ivory coast be in a position to determine the world price of cocoa? Why should we always be in a rush to sell at any price? Why can’t we keep our Cocoa in times when the world price is not favorable? Why are the oil producing countries able to do this but we cannot?”<\/p>\n
IDEAL Finance Limited is a financial institution licensed by the Bank of Ghana under the Non-Bank Financial Institutions Act, 2008 (Act 774). The Ideal Finance branch at Atonsu in Kumasi, will be the first to be opened in the Ashanti Region.<\/p>\n
–<\/p>\n
By Lauretta Timah\/citifmonline.com\/ Ghana<\/p>\n","protected":false},"excerpt":{"rendered":"
The Head of Banking Supervision in charge of other Financial Institutions at the Bank of Ghana, Raymond Amanfo, says the\u00a0era of those in the minor savings bracket losing their money to financial institutions will soon be over as his outfit has prepared to be presented to Parliament,\u00a0the Deposit Protection Bill. He said the bill will […]<\/p>\n","protected":false},"author":14,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[32,11],"tags":[],"yoast_head":"\n