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
Source: citinewsroom
The Glo-BC is awarded by the Global Business Confederation, an international organisation that recognises and drives the advances of outsourcing business, entrepreneurs and corporate executives around the world.
The Confederation is based in Johannesburg, South Africa, and has agencies in over 20 countries.
Commenting on the award, Mr. Dabone Snr, the Deputy Board Chairman of Foklex Media Awards, said although he is humbled by the recognition, it will firm his resolve to use entrepreneurial skills impact lives in Ghana.
“Although entrepreneurship is critical to the development of Africa, there are many bottlenecks to sustaining a business idea and growing it. So, when our efforts to push through in the face of challenges are recognised, it is very encouraging,” he said about the award.
The Glo-BC Awards 2018 will take place on December 6 and 7, 2018 at the Maslow Hotel, Sandton, Johannesburg, South Africa, where Mr. Dabone Snr will join other awardees and be presented with the award.
Mr. Dabone Snr reveals his humble beginnings at Dormaa Ahenkro in the Brong Ahafo Region, his hometown, taught him an important first lesson in entrepreneurship: believe in yourself and your intuition.
Mr. Dabone Snr is not new to honors touting his entrepreneurial drive.
In April this year, he won the Alumnus of the Month (ALMO) award by the Tokyo-based Graduate Institute of Policy Studies (GRIPS).
That award recognises alumni from the GRIPS who have made exceptional contributions to their field of the professionals GRIPS ambassadors, or who are otherwise championing projects to develop their societies.
He works at the Front Office Unit within the Debt Management Division of the Finance Ministry and has been working on structured Finance projects for over a decade – notable among them is the Export Credit Agencies (ECAs).
He holds a Diploma in Debt Management from the West African Institute for Financial and Economic Management (WAIFEM).
He also holds a BSC in Economics from the Methodist University College Ghana and a Masters in Public Policy in Economics from the National Graduate Institute for Policy Studies (GRIPS) from Tokyo, Japan.
By: Pearl Enchill Abaidoo-Abbam |