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BOG suggests bill to protect clients

Bank of Ghana building

Bank of Ghana building

Raymond Amanfo, The Head of Banking Supervision in charge of other Financial Institutions at the Bank of Ghana (BOG), says the period 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, the Deposit Protection Bill.

Raymond Amanfo said the Bill will protect the money that clients deposit and will help recover part of their funds in case of institutional failure.

He said 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.

Mr. Raymond Amanfo was speaking to a subsidiary of Ideal Financial Holdings in the Ashanti Region, at the branch opening of Ideal Finance. He reminded the company to position itself to tackle the risks associated with opening more branches.

Dr. Kotei Dzani, The Chief Executive Officer of Ideal Financial Holdings expressed excitement about attempts by Gov’t to review the Tax Exemption Regime.

Dr. Kotei Dzani noted that to build a brighter future, Government has to deliberately make policies to help indigenous businesses grow.

He expressed that he is pleased 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 failure whilst foreign companies are granted tax exemption is unacceptable.

The post Bog Suggests Bill to protect clients appeared first on Ghana Live TV.

This post first appeared on Watch Gtv Ghana, Adom TV, Tune Ghana Radio GhanaLi, please read the originial post: here

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BOG suggests bill to protect clients


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