• Live Radio
  • Videos
  • About
  • Contact
  • Despite Media
Ghana Election 2020
  • Home
  • Local News
  • Politics
  • Showbiz
  • Sports
  • Business
  • Opinion
  • VIDEOS
  • Media
    • Videos
    • Audio
    • Live Radio
    • Photos
  • Election 2020
Local News
 
 
 
Home Business Banking/Finance 201704

BoG Backs Laws To Demand Data On Gold Exports

26-Apr-2017
/ Banking/Finance, Business
Email
Print
Comments 0
Dr. Johnson Asiama, Second Deputy Governor of BoG
(0)
Comments
Share on Facebook Share on Twitter
 

The Bank of Ghana (BoG) has backed moves for laws to compel the Minerals Commission to submit data on export proceeds from gold to guide the tracking of export receipts.

The central bank believes this will prevent possible instances of under-invoicing by some gold exporters.

The comment also follows concerns raised by some members of Parliament’s Public Accounts Committee (PAC) over the current regime.

Presently, the central bank relies on a database which is fed by various players in the export of gold.

Responding to questions at PAC’s sitting on Tuesday, the Director of Financial Market at the Bank of Ghana, Eric Opata said the regulations should be a step in the right direction.

“I am not aware for any enactment that makes it compulsory for the Minerals Commission to give us updates on all the licenses that they’ve been giving to the licensed gold exporters. We work as a team and discuss issues related to gold in the whole process. In that regard, whenever they issue new licenses, they copy us,” he stated.

Mr. Opata added, “But going forward, if this Committee considers it necessary for an enactment to make it compulsory for the Minerals Commission to furnish us with such information, we welcome the idea.”

The issue came up at the hearing by the PAC on the 2015 Auditor General’s report on the on the Bank of Ghana’s foreign exchange receipts and payments.

On his part, the Second Deputy Governor of the Bank of Ghana, Dr. Johnson Asiamah noted that the regulator, recognizing the potential of under-invoicing, has since last year, intensified its monitoring on the export and import proceeds of gold exporters.

According to him, staff of the BoG have been embarking on trips to acquaint themselves with data provided for computation by other partners involved in the measurement of export proceeds.

“From last year, we have increased our monitoring when it come to LGEs; we track and are able to reconcile how much they brought in and compare that to how much exports they carried out,

“But when it comes to how much exports went out, there are other institutions that are involved and we are assuming that they are doing their work well; they are weighing them well and yet we have many reasons to doubt it though but we must admit that there are many players involved,” Dr. Asiamah stressed.

Other issues raised at the sitting bordered on the Bank of Ghana’s efforts at stabilizing the cedi with its directive for exporters to surrender foreign exchange proceeds, ensuring stability in the financial sector as well as maintaining price stability with a target on reducing inflation.

Source: Citifmonline.com

 

 
 

 

Comments ( 0 ): Post Your Comments >>

Disclaimer: Opinions expressed here are those of the writers and do not reflect those of Peacefmonline.com. Peacefmonline.com accepts no responsibility legal or otherwise for their accuracy of content. Please report any inappropriate content to us, and we will evaluate it as a matter of priority.
Featured Video
Previous Post

HFC committed to boosting local content businesses

Next Post

OmniBank MD Scoops SME Financial Services CEO Of The Year Award  

 
 

More Stories

BoG Maintains Policy Rate at 30 Percent as Inflation Remains High
Ghana Business Awards: OmniBSIC Bank wins Bank of the Year; Daniel Asiedu, MD, Is Private Sector Personality Of The Year
Absa Bank Fueling the Dreams Of Tomorrow's Leaders
BoG Warns Public Against 8 Unapproved Money Transfer Organisations
Fidelity Bank And FDA Forge Strategic Partnership To Strengthen SME Growth And Regulatory Compliance
Efficient And Timely Debt Restructuring Key In Rebuilding Investor Confidence - Jibran Qureishi
156 New Chartered Bankers Inducted, 5 Students Graduated As Affiliates At 14th CIB Ghana Induction Ceremony
Fidelity Bank Delivers Impressive Q3 Performance -Showcases Resilience And Strong Financial Growth
The Real Truth: Is Bitcoin Unchained?
Next Post

OmniBank MD Scoops SME Financial Services CEO Of The Year Award  

  Ghana Business News

  • General News
  • Economy
  • Banking & Finance
  • Stock Market
  • Industry/Manufacturing


 
 

Other Banking/Finance Stories

  • BoG Maintains Policy Rate at 30 Percent as Inflation Remains High

  • Ghana Business Awards: OmniBSIC Bank wins Bank of the Year; Daniel Asiedu, MD, Is Private Sector Personality Of The Year

  • Absa Bank Fueling the Dreams Of Tomorrow's Leaders

  • BoG Warns Public Against 8 Unapproved Money Transfer Organisations

  • Fidelity Bank And FDA Forge Strategic Partnership To Strengthen SME Growth And Regulatory Compliance

  • Efficient And Timely Debt Restructuring Key In Rebuilding Investor Confidence - Jibran Qureishi

  • 156 New Chartered Bankers Inducted, 5 Students Graduated As Affiliates At 14th CIB Ghana Induction Ceremony

  • Fidelity Bank Delivers Impressive Q3 Performance -Showcases Resilience And Strong Financial Growth

  • The Real Truth: Is Bitcoin Unchained?

  • Stanbic Bank And IFC Forge Partnership To Drive Climate Financing

 

 
 

Popular Videos

Kokrokoo Discussion Segment On Peace 104.3 FM (24/11/2023)

Akan News @ 6am On Peace 104.3 FM (25/11/2023)

Kokrokoo Live On Peace 104.3 FM (24/11/2023)

Akan News @ Midday On Peace 104.3 FM (24/11/23)

Akan News @ Midday On Peace 104.3 FM (24/11/23)

Akan News @ Midday On Peace 104.3 FM (25/11/2023)

Peace FM Online and Despite Media

peacefmonline.com offers its reading audience with a comprehensive online source for up-to-the-minute news about politics, business, entertainment and other issues in Ghana

Follow us on social media:

Category

  • Home
  • Local News
  • Politics
  • Showbiz
  • Sports
  • Business
  • Opinion
  • Trivia
  • Foreign
  • Audio
  • Photos
  • Videos
  • Elections
Decision Time
Ghana Election 2020 2016 Elections
Services
Live Radio Audio on Demand Ghana Elections Advertise with Us
Useful Links
Despite Media About Us Contact Us Feedback Form Terms and Conditions Privacy
Our Brands
Despite Media UTV Peace FM Okay FM Hello FM Neat FM Peacefmonline
  • About
  • Advertise
  • Terms & Conditions
  • Contact
  • Privacy

© 2020 Peacefmonline.com - An online portal owned and managed by Despite Media

  • Home
  • Local News
  • Politics
  • Showbiz
  • Sports
  • Business
  • Articles
  • Trivia
  • Foreign
  • Live Radio
  • Photos
  • Videos
  • Audio
  • Election 2020

© 2020 Peacefmonline.com - An online portal owned and managed by Despite Media