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Reviews
A review of the arts and literature .....More
BANK OF GHANA
NOTICE TO BANKS AND THE GENERAL PUBLIC
NOTICE NO. BG/GOV/SEC/2014/03
REPATRIATION OF EXPORT PROCEEDS
As part of measures to streamline the collection and
repatriation of export proceeds to Ghana, the Bank of Ghana:
1.reminds all authorized dealer banks and the general
public, especially exporters, that the Foreign Exchange Act
2006, (Act 723) and its Operational Guidelines (Notices
BG/GOV/SEC/2007/3 and BG/GOV/SEC/2007/4), require all
exporters to collect and repatriate in full the proceeds of
their exports to their local banks within 60 days of
shipment.
2. directs that upon receipt of export proceeds, the bank
shall within 5 working days convert the proceeds into Ghana
cedis based on the average Interbank Foreign Exchange Rate
prevailing on the day of conversion with a spread not
exceeding 200 pips.
3. advises exporters with retention accounts to continue to
operate these accounts in accordance with their retention
agreements. Retention proceeds which are sold to the banks
shall be converted into Ghana cedis based on the average
Interbank Foreign Exchange Rate prevailing on the day of
conversion with a spread not exceeding 200 pips.
4. advises further that offshore foreign exchange deals by
resident companies, including exporters, are strictly
prohibited.
All exporters should note that it is their responsibility to
ensure that all export proceeds are repatriated in full.
Failure to comply with the provisions of this Notice shall
attract sanctions under Sections 15(4) and 29 of the Foreign
Exchange Act, 2006 (Act 723). The penalties include
pecuniary sanctions, jail terms, suspension and revocation
of the operating licence as applicable.
Banks and the general public are hereby advised to note the
above and be guided accordingly.
(Sgd.)
CAROLINE OTOO (MRS) THE SECRETARY
4th February, 2014
--
NPP Communications Directorate
NPP Headquarters, Asylum Down. Accra.
AG. Director Communications: Curtis Perry K. Okudzeto
Mobile: +233-24-9679008
Telephone: +233-302-264329/Fax +233-302-229048
Email: nppdcom@gmail.com
Website: www.newpatrioticparty.org
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Communities
of Faith in Africa and the African Diaspora
Review, Feb 04, Ghanadot - Communities of Faith
is a collection of essays on the multicultural Christian
spirit and
practices of churches around the world, with particular
a ention to Africa and the
African diaspora. e essays span history, theology,
anthropology, ecumenism, and
missiology.Readers will be treated to fresh perspectives
on African Pentecostal higher education,.....More |
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NOTICE TO BANKS AND THE GENERAL
PUBLIC - GHANA BANK
Release, Feb 06, Ghanadot - As part of measures
to streamline the collection and repatriation of export
proceeds to Ghana, the Bank of Ghana:...
..
More
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Ghana Raises Key Interest Rate
to 18%
WallStreet, Feb 06, Ghanadot -
The West African nation of Ghana raised interest rates
on Thursday on top of tough new foreign-exchange
controls, the latest emerging market economy to take
swift action to check inflation and a sliding currency
as investors sour on their assets....The Bank of Ghana
raised its key interest rate 200 basis points to 18% at
a meeting held two weeks ahead of schedule because
officials said they couldn't wait to aid an ailing
economy........More
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IBM's Watson in Africa to help
solve problems
BBC, Feb 06, Ghanadot - The vast brainpower of
IBM's supercomputer Watson is to be utilised in Africa
to attempt to solve some of the continent's most
pressing problems....Better agriculture, education and
health are just three of the improvements the system
could bring, said the firm. .....More
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