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Bank Of Ghana Declines Invitation To Help Parliamentary Investigation Into Revocation of Banking Licenses

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Bank Of Ghana Declines Invitation To Help Parliamentary Investigation Into Revocation of Banking Licenses

BoG Declines Invitation To Help Parliamentary Investigation Into Revocation of Banking Licenses

The Bank of Ghana has declined an invitation to appear before Parliament to assist it with investigations over the revocation of the banking licenses of Unibank and UT Bank.

Writing through its lawyers, Bentsi-Enchill Letsa and Ankomah, the central bank explained that the petitioners, Prince Kofi Amoabeng and Dr Kwabena Duffour, the owners of the two banks, seek to procure Parliament to review decisions that it has taken.

The BoG further explained that this decision was taken according to its statutory powers under the Banks and Specialised Deposit Taking Institutions Act, 2016 (Act 930).

“The BSDTI Act provides how persons who are aggrieved with such decisions may seek redress for their grievances, and the prescribed resolution mechanisms do not include recourse to Parliament.”

The central bank says the two bank owners, through petitioning Speaker Alban Bagbin, have invited the legislature to issue instructions to it in the performance of its constitutionally mandated duty of promoting economic development and the efficient operation of a banking and credit system in the country.

This, BoG argues is contrary section 3 (2) and section 4 (1A) of the Bank of Ghana Act , 2002 (Act 613).

The central bank’s response comes after Mr Kofi Amoaneng and Dr Kwabena Duffour petitioned Parliament to probe BoG’s conduct and the Ghana Stock Exchange (GSE) over the withdrawal of their banking licenses.

The petitioners amongst others also asked Parliament to order BoG to restore their license.

Parliament after setting up a seven-member committee to probe the issues asked the central bank to file a response to the petition.

But in a detailed response through its lawyers, the bank observed that “It will not participate in the investigation being conducted by Parliament, arguing the probe flies in the face of the Constitution.”

Source: www.GhanaCNN.com

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I Started My Business With 1 Ghana Cedis – CEO of Tobinco Group Of Companies (Video)

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I Started My Business With 1 Ghana Cedis - CEO of Tobinco Group Of Companies (Video)

The CEO of Tobinco Pharmacy, one of Ghana’s largest pharmaceutical companies, has granted an interview in which he discusses his journey to establishing a successful business.

In recounting his story, he stated that he was born into a poor family of 11 and that he hawked on the streets to pay for his school fees and to provide for his upkeep due to his family’s financial situation.

After many years of selling on the street, he had saved enough money to move on to the next thing, which was drug dealing.

The publicity Samuel claimed that when he was 20 years old, he was introduced to the business of selling medicine by a Muslim man he met along the way.

He started buying stocks from Ernest Chemist to distribute and made good money for himself, the CEO revealed.

In 1989, he quit the distribution of drugs and traveled to Tokyo to hustle at the at of 25.

In Tokyo, he worked at a cement company with a good salary for five years and returned to Ghana.

Back home Being home, he established an electrical shop and a chemical shop that birthed the Tobinco brand. Mr Samuel Amo Tobbin narrated his life’s journey in detail.

Source: www.GhanaCNN.com

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Our Priority Still Remains: Creating More Jobs, Entrepreneurial Opportunities – Vice President Bawumia

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Our Priority Still Remains: Creating More Jobs, Entrepreneurial Opportunities – Vice President Bawumia

The Vice President, Dr. Mahamudu Bawumia has said that despite government’s creation of thousands of jobs through various initiatives in the past four years, creating more opportunities for the youth remains a top priority of the Akufo-Addo government.

Speaking at the launch of University of Ghana Innovation and Entrepreneurship Programme (UGIEP) at the University’s campus on Friday, the Vice President said majority of Ghana’s population (about 52%) is made up of the youth, and with a growing number of young people joining the job market in search of jobs every year, government cannot relent in its efforts at creating jobs and enabling environment for more entrepreneurial opportunities for the youth, especially in the midst of the Covid-19 pandemic.

“Some 250,000 young people enter the job market every year, putting pressure on the limited employment opportunities. Getting this population employed remains our major socio-economic challenge. We need to create new jobs or help provide access to existing job vacancies,” Dr. Bawumia noted.

“The challenges of the COVID-19 pandemic and the realities exposed, show us that creating gainful employment for young people now more than ever is crucial to our development.”

The UGIEP is a non academic programme, under the auspices of the Vice Chancellor’s Office, which seeks to foster entrepreneurship and innovation in the University of Ghana by developing knowledge and capabilities necessary to create and grow products and services that add social and economic value to society.

The Vice President commended University of Ghana for the initiative, adding that the UGIEP should collaborate with government’s employment and youth development agencies to create more opportunities for the youth.

“At the heart of the UGEIP is empowerment, leverage and value creation. These objectives are in line with our government’s strategic focus for the economy and human capital development within this COVID-19 era,” Dr. Bawumia said.

“It is the expectation of government that the UGIEP, being launched today, will work with existing initiatives like the National Youth Authority, Youth Employment Authority, Youth Enterprises Fund, National Entrepreneurship and Innovative Programme, Ghana Enterprises Agency and others, to help our young people create sustainable jobs opportunities.”

“Government’s strategic anchors of Human Capital Development, Entrepreneurship, Skills development, and education will also provide a platform for this and similar programs to be scaled up leveraging on our digitalization agenda.”

Stressing on the importance of digitization in entrepreneurship, Dr. Bawumia said entrepreneurship will not thrive in an environment with difficulties in doing business, hence the government’s
digitization drive to eliminate all bottlenecks in doing business as fast as possible.

“The use of National Identification Card as a unique identifier, the digitization of the processes at the Registrar General Department and the passage of Act 992, give specific focus to business as part of the institutional innovation to grow and support entrepreneurship.”

“Our pledge as a government is to continue to create the right environment to allow the initiatives and companies started through this program to thrive. In so doing I am optimistic that this program will unearth innovations and support and grow companies.”

Source: www.GhanaCNN.com

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Good News: Every NABCO Beneficiary To Be Placed In Permanent Employment – President Akufo Addo

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Good News: Every NABCO Beneficiary To Be Placed In Permanent Employment – President Akufo Addo

President Akufo-Addo has stated that 73,844 Nation Builders Corps (NABCO) beneficiaries out of 92,000 trainees who took part in the Career Pathway Transition Process (CPTP) will be placed by the end of the period.

The President says this would pave the way for another set of unemployed graduates into the Scheme.

According to the President, some have gained permanent employment whereas, others want to establish their businesses.

He assured Ghanaians that by the end of October 2021, Ghanaians would see a significant transformation around NABCO.

He further disclosed that the government would not extend the period for current beneficiaries.

To extend the period he noted would prevent other persons from benefiting from the NABCO.

He added that we got a significant number of beneficiaries being absorbed into the various sectors of our economy.

He urged the beneficiaries to respond to the questionnaires they were given to give the government an idea of their number and where they could be placed after their period at NABCO is over.

The Nation Builders Corps (NABCO) programme is a government initiative to address graduate unemployment to solve social problems. The focus of the initiative will be solving public service delivery in health, education, agriculture, technology, governance, and drive revenue mobilization and collection.

The objectives of the programme are to: Provide temporary employment to unemployed graduates, Improve skills and employability for, the transition from programme to permanent employment, Improve public service delivery, Improve on government revenue mobilization and provide needed infrastructure to improve access to basic public services.

Under the programme, graduates are trained, equipped with the necessary work tools and deployed around the country to engage in the following programmes:

• Educate Ghana
• Heal Ghana
• Feed Ghana
• Revenue Ghana
• Digitize Ghana
• Civic Ghana
• Enterprise Ghana

Source: www.GhanaCNN.com

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