Sign Maryland Banking Living Will Mobile

Industry sign banking maryland living will mobile

[Music] many thanks once again for joining me on marketplace today winter a very fair story now as new set of rules that will help better regulate lending activities in the country it follows the coming into force of the amended borrowers and lenders Act as well as the credit disclosure regulations George Raffi tells us more the laws and regulations as part of the Bank of Ghana's move to better or bring about some transparency when it comes to the relationship between the lender and the borrower the borrowers and lenders act 2017 in which according to the Bank of Ghana have been passed by Parliament in a Center by the president gives clear guidelines on how the credit arrangements should be structured when it comes to interest payment I said that can even be presented a security the disclosure product transparency rules so it sets of clear rules for credit and product as well as service delivery for instance every financial institution before extending credit to spell out the rights of the bora all the interest charges and the arrangements also must be documented the bora having a copy the lambda should also provide because you must request a monthly statement capturing the status of the credit including what is actually supposed to pay when it comes to fees and interest payments and all other charges the limbus shall also provide to the consumer all the details that matters the new arrangement for instance gives a practical example of the cost of the bora for instance if one is taking home or taking about ten thousand Ghana Cedis from a bank the expected interest to be one thousand three hundred and in a six men at the total cost of that loan would be about eleven thousand three hundred and twenty six Ghana Cedis but an interest of about 23% however what you actually be taken home is 9800 the regulations also provide details to deal with complaints according to the Bank of Ghana I will not hesitate to sanction and find any institutions that are not complying with this new set of regulations now the oppressions focus and strategy of Barclays Bank Ghana will not be affected despite changes in shareholding structure of his parent company does the assurance coming from Barclays Africa after announcing the separation from his UK business the move is in line with a UK regulatory requirement for Barclays Plc to reduce is holding in its Africa business responding to a question posed by Joya business in an investor hall from South Africa chief executive Mario Ramos said the separation would rather help it focus more on the region whilst growing SCANA business it does give us the opportunity to pursue our destiny as a standalone bank now you know that that means looking for opportunities those opportunities aren't gonna immediately be about us going to look for an acquisition in a new geography but we have huge opportunities in our current geographies and we are going to you know you're completely focused on making sure that in the countries that really we are going to continue to grow and to make the necessary investments for growth and so the questions were asked by the gentlemen in Ghana I think GaN is one of those places where we have already you know been growing up business very significantly and we see third opportunities for growth but further opportunities for growth in Kenya we see opportunities for growth in Botswana and so it's in the time in our current portfolio we see great opportunities for continued growth and and being being masters of our own destiny moving on finance house ndk says it has reached an agreement with government over payment of judgment debt running into millions of Ghana Cedis and Accra High Court last year granted requests of Finance House to freeze critical accounts of government that is consolidated fund and Treasury single accounts it follows the previous administration's failure to repay loans due to NDK for a really rural electrification project who nuclear johnny is chief executive officer of antiquey financial services quotas giving instruction for setting a much we paid well I don't need to mention it here by conceived of this month and on the on battery for this math we should also go back to cut the settlements and already we're talking about settlement it's looking very positive they are the only ones who know the reason why they have to long this matter beyond with number time because we began the case long ago in 2009 we had judgment in 2013 the final judgment was delivered by the commercial Supreme Court different year of November 2014 it rests what you know she ran a compound business to date she is in place and it's expected that when eventually we finally agree on settlements which has to be announced to the Supreme Court on the 8th of February we would have taken that into consideration those thing within the financial sector and finance house AFB says it is venturing into mobile money business to offer supplements to consumers managing director Arnold Parker disclosed this when the company took his ten are the facts behind the figure series are the gonna Stock Exchange now cry George Rafi has been speaking to the MD of EFP received a central bank approval we are waiting the SEC approval there are a couple of requirements you are supposed to meet next two stories then takeover completes all things being equal was to propose time that you're hoping that this measure or marriage will be completed well that dub in the hands of the SEC so we didn't want to preempt the time that it will take them to actually finish the process you have a clear timetable for this earth therefore what period are you hoping not the exact date well let's see I mean perhaps it could be in a matter of weeks won't you that what does this actually mean for the whole business in terms of this acquisition in Ghana yeah going forward okay so just to put it in context we've been a pure land since the business started and we've been acquired by the largest Peru land in Africa so obviously that's that's what it means it means that we are going to even become bigger within the industry more capital to do other business venture into other areas or you still focus on the Syria that we've been doing quite well over the period more capital more products will venture into more areas as well what are we looking at here well we are looking at mobile money for instance so ice up in Omaha money for some years now and that's an area that we are going to use to grow our franchise very well so we received a necessary clear approvals to also start I'm in a whole new segment of products on the more money platforms so that we feel is also going to take our tension for yesterday what kind of particular service I'm gonna provide exactly that but plan now was for the telcos to do this I don't know whether you're gonna part now it's going to be a different entity on it so how others who will do in this common structured with respect to reality yes so we are going to be partnering with them we've actually partnered in many respects yes with with other all of them let's all get into the energy sector and former minister of power dr. Khanna don't Co has hinted the previous government has begun work on a new type system that will enable industrial power consumers certain reliefs on their electricity bill bills according to dr. Don called a new power type system proposed by the president and not a drunk worker father during this the maiden state of the National present Parliament is a lot of initiative which when implemented will help industrial and commercial uses party went into a social contract with the people of Ghana the social contract is actualized in a manifesto they say they were going to reduce the energy sector levies they were going to reduce v80 and poor do trees and the rest the people of Ghana based on these promises voted amitaba if the MPP administration thinks they are manifesto all these promises were based on a error of judgment I will be happy if they come out to tell the good people of Ghana we Aid and therefore let's continue fortunately the Minister of Finance has already stated I that he is not going to reduce remove the energy sector levies they were brought in to fill who if you remove the those labels you have to find the money from elsewhere power sector reform program started in 1994 cabinet approved it in 1995 as part of the reform programme restructuring tariffs it's a component of the reform program what has already started on that it is known you wake has already started or restructuring the tariff for example I have always have always spoken against the norm in Ghana where consumer customers realize that industrial customers which is the reverse of the world reality I've always spoken against that and arise not of this and other consents there is a process ongoing to restructure tellers in what the former Minister of pie advising government to consider listing the television of the bottle River Authority on the gun a stock exchange rather than the entire company he said thermo division is best positioned to perform when government makes the moon Vieira has subsidiary company so nothing stops us from packaging the terminal side as a subsidiary company in fact we even had a name Gannett Emma limited the goofiness that the taemin-ssi know all by theory they are owned by the government legally and so it is very easy to split that of package it into a company and then you can then list that on the stock exchange it's great cool that I have an issue with as a grid Co is a natural monopoly sitting in the center of the power it is the broom and therefore it is not only a commercial entity base also a strategic and security entity grid Co is profitable in the last audited accounts available grid who made a profit of 44 million cities they are 2015 audited accounts as the most sensitive is the most strategic and is the most profitable within the state sector state power sector and therefore subjecting it to the recourse of the stock has changed we're the number one consideration is only profit not national security not national strategy I believe I sincerely believe the government would take a second look at don't you think it to also allow investors and I mean the public to have an authority sort of own it when they own part of it why must we subject national security security assets to the stock exchange we if we want to go on the stock exchange I guess give you an example of a division of via react and when a stock exchange there are other players in the sector you see all the others have competition Grid Co is a natural monopoly Greco's is the brain of the sector it says right in the middle that enables all other players to come into play and therefore it is just true strategy to subject it to the profit motive only alright so on this particular development let's not touch base with my colleague George Murphy who is currently positioned are the Ghana's Stock Exchange he'll be speaking to the boss of pears to tell us plans buy the stock exchange to welcome these strategic these assets to list on the stock exchange or difficulty me what has he been telling you one of the companies I was listed on this garnet occasion that is here we engage institutional investors basically on their plans going forward where the LD boss himself said that they plan to venture into the mobile money business but before I have moved to the issue about the lesson and the BRE issue and grid kukuku let me pick his thoughts on how one of this company has actually fed on the ganas location that is a be mr. you're more you welcome to market please on journey channel on moti TV and on to our marketplace program graphs rooms a good afternoon let me first find out from you what do you make of the performance of a FB on the Ghana Stock Exchange it's one of the success stories of alternative marketer gonna alternate market called guts for short I censure this company listed fixed income securities or death committees in 2015 and subsequently added to this securities that were listed by way of raising new fishing comes communities essentially the reason for that dish now was to restructure its balance sheet manager position and to take away some external facilities that were becoming a drain on the bottom line because of exchange losses that has been done and hopefully at the end of it or we've seen the results the company has turned around significantly 2016 they reported good results and it becomes a success story for the exchange you reach out to other companies in the category let's come back to another subject that is has become generated a lot of debate the lesson of VRE and grid Co I knew you had started some and works already to encourage these institutions for the Ghana Stock Exchange already as you for this possible lesson of these two institutions it's a welcome news we have been advocating for some of these measures some time back and it's very glad to hear that this is coming from the highest person order learned his Excellency the president two stories to talk about as far as this is concerned one is signals from the highest person of the land that's the private sector is what must drive the economy and - he talked about positioning this as a master part of a master plan over the long term essentially to make them more efficient coming to the market means that we shareholders who exert that particular efficiency on you and if you do in a world that you must better perform even better than that and so on that basis we very much welcome that means we want to support the various misters in the relevant sectors of the economy who be in charge of implementing some of these that the exchange or the market as a whole is very much available to facilitate that for me it's gladden because one it's not only when a company is in distress that it must come to the market when a company is profitable it's also an avenue for the company to be on a market for two main reasons one you want to improve on efficiency going forward and two you want your for the opportunity to invest this whether you are looking at retail investors whether you are looking at local institutional investors including many of the private pension funds or non-residential portfolio investors if this available on the market then particular for Lucca portfolio investors including the pension fund it becomes a great Avenue for them to one invests in very secure environment and get good returns for pensioners in due course of time so it's very welcome news for us and on that basis I also had former minister they are concerned about even whether it's a right approach to bring these institutions onto the market and that is why I'm saddened by the comment for the from the former minister of power you see because one he made mention of the fact that is ill-timed is ill-advised and that grid code in particular was profitable first of all the market is not there for unprofitable companies so if a company is profitable then it's even more encouraging to bring such a company to the market for the reasons that I indicated one you want a pension companies to invest in the most profitable of entities in this country so that we can guarantee all patients good payments on their pensions to you also empowering the retail investing public to a part of profitable entities in this country and that we do get dividend they get capital positions going forward it's all part of the word creation that must be part of this new what do you call it new business going forward and secondly it talks about the father's this company's some of them are abrini was as far as the economy is concerned if you look at the past performances of economy the sectoral wise you look at cuckoo you look at gold you look at financial services these are major contributors to the GDP of this country and yet in cocoa we are privatized there are many more cocoa buying companies in this country more than 20 if you look at mining the biggest mining companies contributing to this economy a privately held when recovered come to financial services banks 32 and Counting general insurance companies 26 and Counting and these are all in private hands so if you say that the biggest contributors to the economy in private hands and they are bringing then why not why not the power sectors there are concerns also about the fact that these are strategic assets and therefore you should be careful and open them up into the public because of the transparency and the other requirements of less than on the ganas no question what do you also see about this you see listen undergone a stock exchange brings you two clear advantages one is that you must be more efficient than before - is that we must be more transparent than before because the discipline of the market requires you to report regularly a government official cannot sit somewhere and dispose of a CEO or chairman of a publicly listed company it's part of the transparency that we all should benefit from when companies of the nature of VRA and Grieco are on this market to a the fact that if you say that this this must come to this market there you are looking at returns returns for not only the retail investor but also for portfolio investor special funds who be present in this companies and so for me if you talk about this companies being strategic what is most strategic about Khanna than Coco than gold the financial services and leave these companies in private hands or private entities are operating in these sectors then I don't see any strategic nature about power generation after all we have many private power generations in this economy so what is peculiar about strategic nature of power generation when there are others who are already private entities and I in this piece the requirement some absurd that bilko they have solid books and they can even come on tomorrow we know VRE is going through some problems what are the requirements that they need to have to a deal less than because I also said that even happening within the next three years or four years might not be possible Tommy what do you need to meet to ensure that do these companies have those requirements to come onto the market within the next two years or even let's see one year let me go on the lighter side first theory precedes the Ghana stock exchange via her as we were run by ganya's for a long time before the exchange was born and so if you say Vieira a company of the stature of year cannot list on this market and I don't see any other company that can't qualify to list on this market - if you have companies of this touches we have to bring our interview with the CMO to an end we are free time is not our best time right now and we've been coming to you live from the granite circuit in absolutely the office of the managing director of the connoisseur question mr. KO phayam what this is Joel Jeffrey over to you mr. Joffe I thank you very much George we are here for that insightful interview will certainly bring you some more of that interview in a subsequent bulletins George Rafi speaking with the boss of the Ghana Stock Exchange on his comments or or been touched by government to list some of easiest things assets and our software the program or for this often the marketplace has been the program my name is Amano up watching we are fearless it again same time tomorrow for another edition [Music]