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  • BOG OUTLAWS DEPOSIT MOBILISATION FEES, THREATENS TO SANCTION ERRING BANKS

    BOG OUTLAWS DEPOSIT MOBILISATION FEES, THREATENS TO SANCTION ERRING BANKS

    The Bank of Ghana (BoG) has directed Banks and Specialized Deposit-taking Institutions (SDIs) to desist from the payment of facilitation/business development fees or any other fees to attract deposits henceforth.

    The Central Bank said any institution which fails to comply with this notice shall be severely sanctioned.

    In a public notice, the Bank of Ghana said it “observed, during the banking industry clean up exercise, a practice whereby facilitation/business development fees or some other payments are made to agents who assist in the mobilization of Wholesale Deposits, particularly from the public sector.”

    The BoG added that “The practice had the tendency to increase the “Cost of Funds” of institutions, which invariably was passed onto customers through high lending rates.”

    The public notice signed by the Secretary to the BoG, Frances Van-Hein Sackey stated, “The Bank of Ghana wishes to draw the attention of Banks and SDIs to Section 16 (1) (f) of the Banks and Specialized Deposit-Taking Act, 2016 (Act 930) which gives the Bank of Ghana authority to revoke the licence of any institution which in the judgement of the Bank of Ghana, is deemed to be engaged in unsafe or unsound banking practices.

     All Banks, SDIs and the general public are to take note of the above and be guided accordingly.”

    BY: Pearl Abaidoo-Abbam |DIKODER.COM |D FM

  • NO DECISION TAKEN ON COCOA PRODUCER PRICE — COCOBOD

    NO DECISION TAKEN ON COCOA PRODUCER PRICE — COCOBOD

    The Ghana Cocoa Board (COCOBOD) has denied media reports that it plans to increase the producer price paid to cocoa farmers in the 2019/20 cocoa season to GH¢8,000 per tonne.

    It said beyond the reports being untrue, they were premature as the Producer Price Review Committee (PPRC), which met every year to fix the farm gate price, was yet to meet and take a decision.

    The Head of Public Affairs of COCOBOD, Mr Fiifi Boafo, who said this in an interview on August 8, thus advised cocoa farmers, industry stakeholders and the general public to disregard the reports.

    “The information out there is not true; no decision has been made and we are yet to call for PPRC meeting and that is about a month away.

    “So nobody has the right, mandate and information to determine what the price will be, and we want the public to disregard any information to the contrary,” he told the Daily Graphic in Accra.

    BY: Pearl Abaidoo-Abbam|DIKODER.COM|D FM

  • KASOA MARKET TRADERS SHOWS DISPLEASURE OVER HIGH PRICES

    KASOA MARKET TRADERS SHOWS DISPLEASURE OVER HIGH PRICES

    Tomato is one of the common commodities we find in our market with as low as one Ghana cedes one can purchase tomatoes for a meal.

       The minister for finance, Ken Ofori Atta assured Ghanaians of the government efforts to normalize the prices of tomatoes.

    In an interview, tomato trader Ama Serwaa said her children have dropped out of school because her business has collapsed due to the increment. Some tomato consumers also pleaded on the government to resolve the issue

    BY:Theresah A. B. Mensah|DIKODER.COM|D FM