â¢ The central bank asked banks to implement GIPC TTA for transactions
â¢ The decision comes at a time when some banks are currently under investigation for money transfer violation.
â¢ Banks or people who flout the directive will be penalized
The Bank of Ghana has issued a directive to all commercial banks requiring the Ghana Investment Promotion Center (GIPC) Technology Transfer Agreement (TTA) to foreign companies operating in the country.
According to GIPC legal officer Naa Namley Orleans-Lindsey, this decision is based on the fight against illicit financial flows.
In an interaction with the B&FT newspaper monitored by GhanaWeb, Ms Lindsey said the directive was part of a wave of advisories for commercial banks warning them to adhere to strict money transfer guidelines.
âSince the last time the Bank of Ghana sent these letters, we have seen an upsurge in requests to the GIPC; an upsurge in phone calls, inquiries from clients and their lawyers asking if their transactions require registration with the Center. When done on a regular basis, it increases compliance and educates people about the law, âsaid Ms. Orleans-Lindsey.
The central bank directive follows investigations by some commercial banks into money transfer violations.
According to Philip Danso, managing director of the Bank of Ghana’s banking supervision department, investigations include under-documentation, underestimated and unreported values ââand others without proper documentation.
Philp Danso said earlier that a wide range of measures are being taken to verify all paperwork related to money transfer violations and that appropriate penalties will be applied as a result of investigations.