Written by danquahinstitute.org
18 August 2011
The Parliamentary Joint Committee of Finance and Poverty Reduction is currently meeting in Koforidua (Tuesday, August 16 – Saturday, August 20) ostensibly to scrutinise, among others, a US$3 billion commercial term loan facility between the Republic of Ghana and the China Development Bank (CDB) to finance a series of projects, including the Achimota-Ofankor Road, a $150 communications infrastructure for the National Security Council, and a $100 million capacity building exercise for Ghanaian SMEs.
Written by Bank of Ghana
15 August 2011
The attention of the Bank of Ghana has been drawn to reports in the media about illegal money transfer activities. The Daily Graphic of August 11, 2011 carries a story to the effect that the Bank of Ghana, the regulatory authority, did not appear to be attaching the requisite relevance and urgency to the growing threat of unregistered foreign exchange transactions to the nation’s balance of payments and finances.
Another story in the Daily Guide, also of August 11, 2011 under the caption ‘Money Laundering booms’ reached a similar conclusion with advice to the Bank of Ghana to proactively promote the operations of formal transfer methods and act against illegal methods as well as consider allowing MTOs to transmit money out of Ghana as a solution to the growing menace.
Written by Danquah Institute
10 August 2011
The World Bank estimates that for 2010 alone, the total formal remittances worldwide by some 215 million international migrants amounted to $440 billion with $325 billion of this amount going to developing countries. A transfer of funds is any transfer that the payer (sender) makes through a Payment Service Provider (PSP) to make funds available for collection at another PSP if at any stage in the process the money is moved electronically, for example, by email or fax.
When a PSP (or Money Transfer Operator) transfers funds they rules stipulate that they must normally send information on the payer and payee (recipient/receiver) with the transfer. more>>>
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