Category: General

Accra: The Bank of Ghana has suspended the foreign exchange trading licences of Guaranty Trust Bank Ghana Limited (GTB) and FBNBank Ghana Limited (FBN).

The one-month suspension by the Central Bank takes effect from March 18, 2024, and is in accordance with Section 11 (2) of the Foreign Exchange Act 2006, (Act 723).

A statement from the Central Bank said the suspension was as a result of various breaches of the foreign exchange market regulations, including fraudulent documentation.

The statement indicated that the licence of the two banks would be restored at the end of the one-month suspension, once the Central Bank was satisfied with effective controls for strict adherence to the foreign exchange market regulations.

‘By this statement, we caution foreign exchange market players to adhere strictly to the applicable forex market regulations and guidelines,’ the Bank of Ghana noted.

Source: Ghana News Agency

Accra: The newly confirmed Municipal Chief Executive (MCE) for Nzema-East, Mr Eric Essien, has paid a courtesy call on the Paramount Chief of the Gwira Traditional Area, Awulae Angama Tu-Agyan at his palace at Bamiango.

He was accompanied by a team of contractors and engineers and other heads of departments from the Assembly and the Western Regional Coordinating Council.

The visit afforded the new MCE the opportunity to outdoor himself to Awulae Angama Tu-Agyan a few days after his confirmation.

President Nana Addo Danquah Akufo-Addo recently made changes within some Metropolitan, Municipal and District Chief Executives (MMDCEs) of the Assemblies.

Mr Essien said he was already aware of the developmental challenges confronting the people and would double his steps to spearhead the developmental agenda of the area.

He said he would work hand in hand with traditional rulers to fast-track the development of the area.

Awulae Angama Tu-Agyan congratulated the new MCE on the visit.

The Paramount Chief said th
e Gwira area lagged in development which required a radical leader to rise up to the occasion and push for more development for the people.

Source: Ghana News Agency

Accra: A research conducted on the impact of the E-levy in Ghana has revealed that the e-levy is a regressive tax, where the lower income earners pay the largest share as a proportion of their income.

The research work on the topic: ‘Mobile Money Taxation and Informal Workers: Evidence from Ghana’s E-levy,’ showed that home-based informal workers are disproportionately burdened by the tax, relative to street vendors and market traders.

It also revealed that most informal workers disapproved of the e-levy, raising concerns about its impact on equity and disappointment with the government’s performance.

The Research was presented and discussed during a two-day conference organised by the International Centre for Tax and Development in partnership with the Ghana Revenue Authority on the subject: ‘Taxing Mobile Money – Lessons and Ways Forward.’

In a summary paper, it was indicated that the threshold of GhS100 had been effective in sheltering some lower-income users, however, it did not fully address their di
sproportionate burden.

It also found that women were likely to be liable for e-levy payments but were substantially more likely to disapprove of its introduction.

‘Women in Accra’s informal economy are substantially less likely to support the e-levy, while older and more educated individuals were more likely to support the tax,’ the report said.

The e-levy was introduced in 2022 by the Government and the idea was to tap into the enormous potential’ for tax revenue in the informal economy.

The research examined the likely impact of the e-levy on informal workers from an equity standpoint concerning earnings, gender, and occupational sector.

Data was collected in April and May 2022 in the Accra Metropolitan Assembly (AMA) from a survey of 2, 700 self-employed informal workers.

Nana Akua Anyidoho, Director at the Centre for Social Policy Studies, University of Ghana, and other Researchers, said, the e-levy was a flat tax, adding that it was a tax that had the same rate regardless of one income.

‘We found
that people at the lowest income levels in that segment of the population ended up paying more of their income on e-levy taxes. In terms of proportion, you are taxing people at the lowest point seven times more than people at the highest point of the informal sector,’ she said.

She told the Ghana News Agency that the notion that people in the informal economy do not pay tax was not true, rather, the question had been ‘who is paying the tax in the informal sector, how much they pay and if what they pay was the required amount.’

‘We need to do research, collect data to know how we can target and make people pay the right amount of tax. We do not stand by and make a general assumption that people in the informal sector are not paying tax so let’s go after them with a blunt instrument like the e-levy,’ she said

Dr Martin Hearson, Research Director of the International Centre for Tax and Development, said the e-levy could deliver revenue of GHS 1 billion every year, adding the public understanding of how it wor
ks, including the GhS100 threshold and 1 per cent rate must be explained.

‘It protects the poor because of the threshold, however, the worth of GHS100 when the e-levy was introduced in 2022 is less compared to GhS 100 now. The Government can consider raising the threshold from GhS 100 to match up with the inflation rate,’ he said.

Source: Ghana News Agency

Accra: Mr Alan Kwadwo Kyerematen, the Founder, Movement for Change, said he will establish an international financial services centre, build modernised market infrastructure and an international tourist hub in the Central Region to boost business activities when voted as president.

A traders’ bank would also be built solely to lend to traders in the country at low interest rates.

Speaking during his ‘Central Regional Market Tour,’ which took him to the Kasoa New Market, he said the people had voted for the two main political parties over the last 30 years but had yielded nothing positive from that.

The National Democratic Congress (NDC) and the New Patriotic Party (NPP) have left the region with huge developmental gap, Mr Kyerematen said.

He said when given the nod as president, he will ensure the proposed financial service centre to be built on a 100-acre land, capitalised on the Tema and Takoradi Ports to industrialise the region.

‘I have said that Tema is going to become a free port so if we have anot
her major harbour in the Western Region then you put the international financial services centre in-between the two regions to be the game changer for the Central Region,’ Mr Kyerematen said.

He said though the international financial services centre was first thought-through during President Agyekum Kufour’s tenure, it had received no attention from successive governments and that he would see to its establishment because he was part of the preparatory stage.

‘If any country will develop it will need a financial centre that becomes the heart of the country in terms of financial services’.

‘Secondly this region should become the prime tourist destination for West Africa and beyond’.

Mr Kyerematen said out of the UNESCO 42 historical sites across the world Ghana has 32, however it had failed to utilise it potentials to the fullest.

‘That’s why we are going to develope, particularly the Central Region, to become the new tourist destination for West Africa…And all these is a question of leadership’.

He bem
oaned the lack of modernised market infrastructure with lighting and good security systems.

Touching on the interest on loans, he said borrowing at a 35% rate to trade was detrimental to businesses and, therefore, it was important to establish a traders’ bank to solely lend to traders to enhance their businesses.

‘Looking at the millions of people who trade, if you come together, it will become the biggest bank in Ghana and during my presidency I am going to help you to achieve that’.

Other markets visited were the Winneba Market, Mankessim, Kotokuraba , Elmina and Abura.

Source: Ghana News Agency

Accra: Michael Nyinaku, former Chief Executive (CEO) of the defunct Beige Bank, accused of stealing, fraudulent breach of trust and money laundering, is billed to call 61 witnesses.

His counsel, Mr Thaddeus Sory, made the announcement at the Economic and Financial Court Two Division of the High Court trying his client.

He told the Court presided over by Justice Mrs Afia Serwaa Asare-Botwe, Justice of Court of Appeal with additional responsibility at the High Court, that for a start, 15 witnesses would be called.

The trial was supposed to have begun on Monday, March 4, 2024, but the accused person’s lawyer said there was a miscommunication thus, he did not know the witnesses should be called on that day, thus, he did not invite any of the witnesses.

The Court therefore gave the Defense counsel up to March 8, 2024, to file the witnesses’ statements, notify the clerks for them to serve prosecution before March 13, 2024, the next adjourned date.

Prosecution had earlier informed the Court that when Beige Bank
‘s license was revoked in August 2018.A review of the financial and other records of the Bank revealed some suspicious and unusual transactions which were subsequently reported.

Investigations revealed that from 2015 to 2018, Nyinaku, the accused person, transferred huge sums of money to companies related to him and for his personal benefit.

The funds transferred were depositors’ funds lodged with Beige Bank from 2017 to 2018 and Nyinaku caused the transfer of 10,071 fixed deposit accounts held with Beige Bank in which various customers placed a total of GHS448,636,210.21 to Beige Capital Asset Management Limited (BCAM), without the knowledge and consent of these customers.

Prosecution detected that Nyinaku, between 2017 and 2018, transferred 35 fixed deposit investments of 23 customers of Beige Bank totalling GHS141,042,348.92 to the Beige Group.

The Court heard that in March 2018, Nyinaku caused a fictitious second account to be opened in the name of First Africa Savings and Loans (FASL), an existing ac
count holder with Beige Bank, without the knowledge of the Board and Management of FASL.

Nyinaku, Prosecution said, also transferred GHS320 million from the accounts of various Beige Bank customers into the bank account of BCAM held with Beige Bank.

Prosecution continued that between 2015 and 2017, Nyinaku, through payment vouchers, caused the sum of GHS1,465,000.00 of depositors’ funds lodged with Beige Bank to be paid to himself and other persons.

These transactions were recorded in a general ledger account of the bank, described as Directors Account, Prosecution told the Court.

The Court heard that investigations revealed that the accused person, through payment vouchers, e-mails and memos, transferred GHS20,599,052.58 of depositors’ funds lodged with Beige Bank to a number of companies and individuals for his benefit.

Nyinaku has denied all the charges, and he has been granted GHC200 million bail with three sureties.

Source: Ghana News Agency

Accra: The National Executive Committee (NEC) of the National Democratic Congress (NDC) has unanimously endorsed the nomination of Professor Naana Jane Opoku-Agyemang as Running Mate to John Dramani Mahama.

Mr Mahama, in a tweet shortly after the endorsement, said, ‘Naana Jane is God-fearing, a distinguished scholar, a conscientious public servant and a role model.’

This is the second time the former Vice Chancellor of the University of Cape Coast and Minister of Education will be partnering former President Mahama on the ticket of the NDC for a major election in 2024.

Before her selection, several names were floated as potential running mates which included Julius Debrah, former Chief of Staff; Dr Kwabena Duffour, former Finance Minister and Governor of Bank of Ghana; Mr Kwame Awuah Darko, former Chief Executive of Tema Oil Refinery and BOST, Kojo Bonsu, former Mayor of Kumasi; Dr Zanetor Agyemang-Rawlings, the NDC Member of Parliament for Korle Klottey Constituency.

The former President submitted name o
f his preferred running-mate to the National Executive Committee and the Council of Elders of the party for scrutiny.

The party through its General Secretary, Mr Fifi Fiavi Kwetey, in an earlier statement, indicated that the NEC and the Council of Elders of the party were preparing to deliberate on Mr Mahama’s choice for running mate.

In addition, the former President Mahama is expected to make an official announcement of his running-mate to the public on March 7, 2024.

Source: Ghana News Agency

Accra: President Nana Addo Dankwa Akufo-Addo says he is being circumspect regarding the passage of the Proper Human Sexual Rights and Ghanaian Family Values Bill into law.

Also, any legal challenges against that law before the before the courts must be dealt with before any further action.

He promised that the country’s longstanding human rights record and state institutions dealing with the rule of law would be safeguarded in pursuit of such an action.

In a statement issued on Monday, the President noted: ‘I am aware that last week’s bi-partisan passage by Parliament of the Bill, on a Private Member’s motion, has raised considerable anxieties in certain quarters of the diplomatic community and amongst some friends of Ghana that she may be turning her back on her, hitherto, enviable, longstanding record on human rights observance and attachment to the rule of law.

‘I want to assure you that no such backsliding will be contemplated or occasioned.’

The Private Members Bill, passed recently, with an overwhe
lming backing of Ghana’s two major political parties – the ruling New Patriotic Party (NPP) and the National Democratic Congress (NDC) – is yet to receive a Presidential assent.

It proposes a prison sentence of up to three years for anyone convicted of identifying as LGBTQ+, and imposing a maximum five-year jail term for forming or funding LGBTQ+ groups.

Generally, it seeks to punish those who take part in LGBTQ sexual acts, as well as those who wilfully promote, sponsor, or support LGBTQ+ activities.

Commonly referred to as the anti-gay bill, it received sponsorship from a coalition, comprising Christian, Muslim and Ghanaian traditional leaders.

The Amnesty International has warned that the Bill poses significant threats to the fundamental rights and freedoms of LGBTQ+ people, urging the President to tread cautiously in the passage of the Bill into law.

Likewise, some diplomats from the United States and the United Kingdom have expressed disappointment at the passage of the Bill and its ramifications on
human rights and possible economic progress of the nation.

Proponents and supporters are, however, urging the President to promptly assent to the Bill.

President Akufo-Addo stated that, ‘It will serve little purpose to go, at this stage, into the details of the origin of this proposed law, which is yet to reach my desk.’

‘But, suffice it to say, that I have learned that, today, a challenge has been mounted at the Supreme Court by a concerned citizen to the constitutionality of the proposed legislation.

‘In the circumstances, it would be, as well, for all of us to hold our hands, and await the decision of the Court before any action is taken,’ he noted.

He stated that the operation of the institutions of the Ghanaian state will determine the future trajectory of the rule of law and human rights compliance in the country.

Parliament on Wednesday, February 28, passed the Human Sexual Rights and Family Values Bill, 2021, also known as LGBTQ+.

The object of the Bill is to provide for proper human sexual rig
hts and Ghanaian Family Values, which proscribe lesbian, gay, bisexual, transgender, queer (LGBTQ+) and related activities, and criminalises their promotion, advocacy and funding.

Source: Ghana News Agency

Accra: The Office of the Special Prosecutor (OSP) has launched the Youth Against Corruption (YAC) Ghana social media platforms, dedicated to fostering integrity, transparency and accountability among the youth in pursuance of its mandate to prevent corruption.

The move which forms part of the OSP’s flagship anti-corruption programme, Youth in Anti-Corruption Initiative, comes at a crucial time when Ghana stagnates on the 2023 Corruption Perception Index, with a 43 score for the fourth consecutive year.

The newly launched Youth Against Corruption Ghana accounts are currently being hosted on X and Instagram, operating under the handle ‘yac-ghana’ and the hashtag #YouthAgainstCorruptionGhana and #IntegrityStartsWithUs.

The platforms aim to disseminate information, share relatable stories, and provide engaging content to capture the attention of young audiences.

The X YAC Ghana account will serve as a news hub, delivering updates on the latest anti-corruption initiatives, success stories, and relevant convers
ations.

The Instagram YAC Ghana page will feature visually appealing infographics, testimonials, and content from various sensitisation programmes across the country.

Mr Samuel Appiah Darko, Director of strategy, Research and Communication at the OSP, said that the Office recognised the power of social media in shaping opinions and influencing behaviour, hence the step to strategically leverage these platforms to connect with the tech-savvy target audience and educate them on the perils of corruption.

”The youth are the driving force behind societal change, and we believe that by harnessing the power of social media, we can effectively communicate the importance of combating corruption and instil the values of integrity among them. We want to make anti-corruption education accessible, engaging, and relatable for the younger generation,” he added.

To amplify the reach and impact of the YAC Ghana platforms, the OSP is extending an invitation to all youth in Ghana and beyond who share a commitment to rende
r corruption costly and unattractive to join the campaign train by sharing their perspectives and engaging with their followers to create a ripple effect of awareness.

In support of these efforts, the OSP says it will continue to develop educational resources in collaboration with schools and universities to integrate anti-corruption content into their curriculum.

This multifaceted approach, the OSP said, aims to ensure a comprehensive and sustained effort in tackling corruption from both grassroots and institutional perspectives.

As the Youth Against Corruption campaign gains momentum on social media, the OSP said it remained optimistic that the initiative would foster a new generation of informed and empowered individuals dedicated to building a corruption-free future.

Source: Ghana News Agency