Business News of Friday, 21 May 2021Source: www.ghanaweb.com•The central bank has directed banks to implement the GIPC TTA for transactions•The decision comes at a time some banks are currently under investigation for money transfer breaches•Banks or persons who flout the directive will be sanctionedThe Bank of Ghana has issued a directive to all commercial banks demanding the Ghana Investment Promotion Centre (GIPC) Technology Transfer Agreement (TTA) on foreign companies operating in the country. In an interaction with the B&FT newspaper monitored by GhanaWeb, Madam Lindsey said the directive forms part of a wave of notices to commercial banks alerting them to adhere to strict money transfer guidelines. The directive by the central bank follows the investigation of some commercial banks over money transfer breaches. According to Philip Danso, Chief Manager of Banking Supervision Department of Bank of Ghana, the investigations include under-documentation, understated and unreported values and others without proper documentation. Philp Danso earlier said a wide range of steps are being undertaken to ascertain every paper trail related to the money transfer breaches and proper sanctions will be applied following the investigations.

Source: GhanaWeb May 21, 2021 12:22 UTC