Debates of 27 Mar 2019

MR SPEAKER
PRAYERS 10:18 a.m.
VOTES AND PROCEEDINGS AND THE OFFICIAL REPORT 10:18 a.m.
Mr Speaker 10:18 a.m.
Hon Members, Correction of Votes and Proceedings of Tuesday, 26th March, 2019.
Page 1…8 --
rose
Mr E. K. Dery 10:18 a.m.
Mr Speaker, on page 8, I have been marked absent. As much as I would not want to fault the Table Office, yesterday, I realised I did not sign and I know most of us suffer same.
I would like to suggest that, if our consoles could be reconfigured such that we could sign from them. Earlier, I thought the idea was to do away with papers and others, yet we are still doing them. Why can we not reconfigure our consoles, so that when Hon Members enter the Chamber, we can confidently sign in with our thumb print?
Mr Speaker, I was here last week when you complained about our poor attendance. I agree with you. But I think if we have some of these things in place, it would compel Hon Members to sign their names on them instead of going to the mails room to sign and probably walk away. It would compel Hon Members to enter the Chamber and sign.
Alternatively, we could also have them at the entrance behind me or the entrance at the other side, so it would be more convenient and attractive. It happens in other jurisdictions. An Hon Member cannot just walk in without going through the system. We would have to sign in to appear in the House. It would do us a lot of good.
Thank you very much, Mr Speaker.
Mr Speaker 10:18 a.m.
Thank you very much, Hon Member.
It is good Hon Members are very much concerned with attendance and punctuality. It is our duty indeed. That is what the Holy Bible calls, our reasonable service.
Any more corrections on page 8?
rose
Mr Speaker 10:18 a.m.
Yes, Hon Member?
Mr Ras Mubarak 10:18 a.m.
Mr Speaker, I have noticed that my Hon Colleague, Samuel Nartey George has been marked absent, even though he was in the Chamber and
subsequently at the Public Accounts Committee (PAC).
Thank you.
Mr Speaker 10:18 a.m.
Hon Members, any further corrections on page 8?
Page 9 -- 18 --
Hon Members, the Votes and Proceedings of Tuesday, 26th March, 2019 as corrected, is hereby adopted as the true record of proceedings.
Hon Members, there being no Official Report for today, we shall proceed.
Mr Speaker 10:18 a.m.
Hon Members, Statements. I have admitted a Statement on the influence of Cryptocurrency on the Ghanaian Economy by Hon Ama Pomaa Boateng, Hon Member for Juaben.
STATEMENTS 10:28 a.m.
Ms Ama P. Boateng (NPP -- Juaben) 10:28 a.m.
My Speaker, an issue that has become topical in recent times within the financial sector is the issue of the emergence and use of cryptocurrencv whose impact on our economy and its future must be deeply interrogated by this House. The rise in the use of crypto currency in Ghana demands urgent attention and
in fact, training and digital currency inquiry by our Parliament to enable us upgrade our existing laws to regulate the cryptocurrency markets, as vast bulk of crypto-currency and crypto assets users are simply not reported.
The cryptocurrency market is evolving with an enormous speed but neither the Government nor the Bank Bank of Ghana backs cryptocurrency. Governments use Central Banks to issue or destroy money by using its monetary policy to exert economic influence. Control over currency has many downstream impacts among which is to reduce crime. The presence of cryptocurrency in our economy however, has revolu- tionalised the local and international payments system and Ghana needs to pay attention to it.
The most known example is the bitcoin, which has become a decentralised digital currency with a worldwide payment system that works without a Central Bank or single administrator. One Bitcoin converts to GH¢22,241.71 as of 17th March, 2019 according to paprika.
Cryptocurrency is a completely virtual currency that uses blockchain technology and cryptography for security, which makes counterfeiting difficult. Cryptocurrency uses prin- ciples of computer science, cryptography, and economics. There is no physical currency the way there is a cedi or a dollar. Is cryptocurrency a legal tender? The blockchain technology allows multiple identical copies of a record to be stored on
Mr Speaker 10:38 a.m.
Thank you very much, Hon Member for this insightful Statement.
rose
Mr Speaker 10:38 a.m.
Yes, Hon Okudzeto Ablakwa?
Mr Samuel O. Ablakwa (NDC -- North Tongu) 10:38 a.m.
Mr Speaker, I am most grateful for the opportunity to contribute to this Statement, which has been very ably made by my Hon Colleague.
Mr Speaker, this is a very important Statement, which requires a lot of reflection and a lot of research. Cryptocurrency is a new frontier in economic transactions, and the world is still grappling with how to deal with this new phenomenon, which bypasses traditional banking and transactional systems. It bypasses the global swift system, and so, Central Banks are not able to track and to monitor this cryptocurrency transactions.
Mr Speaker, we know that in 2014, the first cryptocurrency model was launched in what is called Bitcoin. Bitcoins are now popular all over the world, and a lot of young people are investing in it and making some good returns, especially in Europe and Asia.
Mr Speaker, the literature on this matter shows that countries vary in terms of how they are approaching this new system. The Library of Congress in the United States of America reports that there are eight countries that have imposed an absolute ban on any form of cryptocurrency trading, and these eight countries are Algeria, Bolivia, Egypt, Iraq, Morocco, Nepal, Pakistan, and the United Arab Emirates.
Mr Speaker, there is another category of 15 countries that have an implicit ban, and so they are quite in the middle, and these include the likes of Bolivia, Bangladesh, China, Colombia, Qatar, amongst others. But the vast majority of the world is still studying this phenomenon, and it does appear that there is some
convergence on the fact that there is the need for the world to pay attention, and come up with some legislation.
Mr Speaker, the Hon Member who made the Statement calls on this House to consider legislation to regulate this phenomenon. This is a call, which is worth considering, because, if we do not act proactively and we allow these transactions to continue, which are outside the Central Bank and outside all our established institutions, and if it does not come under the Security and Exchange Commission and is not regulated by any of our financial institutions and the Bank of Ghana, what then happens if there are victims?
Mr Speaker, I recall that some time last year, there were reports that once again, some Ponzi schemers under the guise of operating cryptocurrency investment schemes, managed to fleece unsuspecting members of the public, and they had nowhere to turn to. There is no regulation and there is no law, so they do not even know how to enforce their rights, and really, one cannot turn to any agency because the laws simply do not exit. So there is a certain vacuum, a lacuna, which we would need to acknowledge.
Mr Speaker, we know what happened in Canada recently, where another cryptocurrency manager died, and he was the only one who had the password. The Canadian
Central Bank had no knowledge of the transactions, and hundreds of millions of dollars, belonging to investors, citizens of Canada and people from other parts of the world, who had invested in the cryptocurrency scheme, lost their investments and their life savings.
Mr Speaker, therefore, yes, there is the need to promote flexibility and innovation in the financial sector. The financial sector and capitalism thrives on innovation, but how far do we want to go with the innovation? How far do we want to allow lacks in our systems? We know what mobile money, for example, has done, especially in Eastern Africa, and now in Ghana, how it has made financial transactions so easy.
All of us as Hon Members of Parliament do not have to wait till weekends when we get to our constituencies to attend to urgent needs, and those who are not in the banking sector, who are not formally banking subscribers could, with their mobile phones, receive money at any time of the day. It is convenient for all of us, both the sender and the receiver.
Mr Speaker, even with that one, we need to begin to pay attention. There are a lot of fraudulent activities going on, and the Telecommunication companies have stated that publicly. All of us have fallen victims in one way or the other. So many people are using mobile money to defraud unsus- pecting members of the public, and it is a combined effort, using new technology.
  • [DR
    • Mr Speaker 10:38 a.m.
    Thank you very much, Hon Okudzeto Ablakwa, for your contribution.
    rose
    Mr Speaker 10:38 a.m.
    Yes, Hon Member?
    Mr Patrick Y. Boamah (NPP -- Okaikoi Central) 10:48 a.m.
    Thank you very much, Mr Speaker for the oppor- tunity.
    Mr Speaker, the currency market is regulated by the Central Bank. With your kind permission, I would refer you to our Constitution, article 183 (1) and (2) specifically. It says:
    (1) “The Bank of Ghana shall be the Central Bank of Ghana and shall be the only authority to issue the currency of Ghana.
    (2) The Bank of Ghana shall --
    (a) promote and maintain the stability of the currency of Ghana and direct and regulate the currency system in the interest of the economic progress of Ghana;”
    Mr Speaker, on the 22nd January, 2018, the Central Bank of Ghana issued a statement, which was signed by the Secretary to the Bank, one Caroline Otoo, cautioning the people of Ghana on this emerging trend of cryptocurrency, that the Bank was investing so much into the research of this new area and that the public ought to be very cautious about investing in those areas. It is online, and I believe that Hon Members could access it.

    Mr Speaker, the quest by ignorant people to as it were, make money or invest in areas and attract unrealistic interest, ought to be protected by the Central Bank.

    Mr Speaker, I believe that this was one of the reasons why the Payment System and Services Bill, 2018 was introduced into the House. It has gone through all the stages in this House and from the Statement which I read from the Central Bank, this Bill is yet to be assented to by the President.

    The Bill, as passed by this House was to consolidate all the laws and guidelines relating to payment systems, electronic money operations
    Mr Speaker 10:48 a.m.
    Yes, Hon Member?
    Mr Speaker 10:48 a.m.


    Mr Speaker, I have however, realised that this whole concept which is emerging and young people especially are buying so much into it, would require some necessary education as was espoused by the earlier contributors as well as the Hon Member who made the Statement. Most of us are very much unaware about it, and if one is not very careful, we would find a lot of people being swindled. This is more or less investment through technology.

    As was mentioned, there are no clear regulatory mechanisms as it were, to ensure that people's moneys are not lost. I also understand that in the year 2018 alone, US$1.7billion was lost throughout the world due to cryptocurrency investment. As mentioned earlier by Hon Okudzeto Ablakwa, indeed, when somebody

    who has started this business lost his life, the tendency is that all those who have invested moneys through him, have lost their moneys.

    Mr Speaker, that is why it is crucially important that the Central Bank would put some mechanisms in place to create a lot more awareness about investment in cryptocurrency. So that the Ghanaian people would be very much aware because oftentimes, even in our own country where we have regulatory mechanisms to govern investments et cetera, we face challenges. How much more a situation which is beyond our borders? Obviously, that could be more chaotic, especially for those who think that they could make easy money without sweat.

    I believe that it is very important the Central Bank rises to the occasion by creating a lot of platforms. The media should also be involved in this matter so that we can all become aware of the fundamentals such that tomorrow, it does not become a very chaotic scenario which the Government will obviously not be able to do anything about.
    Mr Speaker 10:48 a.m.
    Thank you very much, Hon Member. Yes, Hon Chairman?
    Dr Mark Assibey-Yeboah (NPP -- New Juaben South) 10:48 a.m.
    Mr Speaker, cryptocurrency, as the Hon Member who made the Statement indicated, is a new phenomenon.
    Mr Speaker, in essence, cryptocurrency is a digital asset or money and the market capitalisation is growing. Presently, the market capitalisation in the whole world stands at about US$100 billion.
    The key feature of cryptocurrency is that, there is no centralised control so if you take Central Bank as the name suggests, the Central Bank controls the issuance of money, clearance of cheques in the economy.
    Mr Speaker, with cryptocurrency, there is decentralised control and you have a peer-to-peer mechanism and so, there is a peer-to-peer network and so long as all members of the network agree to a transaction, then the transaction can be effected.
    Mr Speaker, the Hon Member for Okaikoi Central was cautioning that people should not engage in cryptocurrency trading or assets. Cryptocurrencies strike fear in a lot of people and as a matter of fact, some people have predicted that this is a bubble waiting to burst and the valuation of cryptocurrencies have reduced. I think previously, the value was around US$20 or so per crypto but now, it has come down to about US$6 and when it further comes down to zero, it means that you have lost all of your investments.
    This bit of lack of central control is what all countries are grappling with and so in Ghana, if we legislate that people can trade in cryptocurrencies, -- [Interruption.] This is a network
    of file sharing. For instance, Ama transfers money to me then it is broadcast in the network, it takes some time to filter through, then everybody notes that there was a transaction and that this transfer has been effected from Ama to myself.
    Mr Speaker, this is not like a cheque that is being cleared by the Central Bank. You have digital money and people are trading in this and so, you are building an asset which can crumble one day and it is gone. So there is no legislation governing the trading in cryptocurrencies in Ghana.
    So if anybody is doing crypto- currency trading as the Hon Quashigah alluded to, it is illegal, dangerous and you could lose your money in a day. The Central Bank itself is grappling with how to regulate these and lately, they have announced that some institutions dealing in cryptocurrencies have been identified and banned.
    Mr Speaker, so the little I would say is that, to the extent that there is no centralised control on what is on the internet — there is a peer mechanism and one is trading with others -- it is dangerous.
    Mr Speaker, you might have heard about Bitcoins and it is the largest. There are so many of them because there are over 200 cryptocurrencies; Ripple, Ethereum et cetera. They have so many dangerous names and until such a time that we are able to have a handle on how to regulate cryptocurrencies in our country, my simple advice would be for us to stay
    Dr Mark Assibey-Yeboah (NPP -- New Juaben South) 10:48 a.m.


    away until we fashion a legislation that could govern the activities of cryptocurrencies.

    Mr Speaker, I thank you for the opportunity.
    Mr Speaker 10:58 a.m.
    Minority Leadership?
    Mr James K. Avedzi (NDC -- Ketu North) 10:58 a.m.
    Mr Speaker, thank you.
    I beg to comment on the Statement made by my Hon Colleague on the other Side and to commend her. Mr Speaker, this is a very technical and new platform or phenomenon that most people do not know about. If we even count the Hon Members of Parliament who know about cryptocurrency, we could get only a few, but it is a new phenomenon not only in the form of an investment platform but also as a medium of exchange where it is used for financial transactions.
    Mr Speaker, one could hold money on a platform like Blockchain platform and use it to pay for transactions anywhere in the world. It is just like holding a credit card. Again, whatever money that is held on that platform could appreciate or depreciate in value depending on how the stock market perform on a particular day or month.
    Mr Speaker, just like shares of companies perform on our stock
    market, it is the same way that cryptocurrencies also perform depending on the type of virtual currency one holds; either a Bitcoin, Ethereum or whatever. So, people use it as a form of investment and at the end of the day, when they realise that if they sell their cryptocurrency or Bitcoin they could make some gains -- [Interruption.] there are people who sit behind computers and monitor the market every minute and when they realise that there is a little appreciation then they would sell and make gains.
    Mr Speaker, they would wait for the prices to go down and then they buy, and when it goes up again, then they would sell. That is how people who use it for investments make their money. Those who use it as medium of exchange only hold the money on their wallets and use it to trade.
    Mr Speaker, it is a new platform such that we all do not know of it, and I do not think that the Bank of Ghana would have the expertise to regulate this new phenomenon now. What we should ask the Bank of Ghana to do is to invest in how we could train and get expertise on how cryptocurrency could be regulated.
    Mr Speaker, as has been said by the Hon Member who made the Statement and other contributors, there are people in Ghana who are currently in that business, and unsuspecting people are being. They would say that if a person invests a certain amount of money, within a month, a certain interest would be given in 5 to 20 per cent. So people
    put their moneys in it, but if the value of the currency does not perform well in the market and when they are unable to pay the interests, then they would run away with the person's principal.
    Mr Speaker, so, let us call on the Government and the Bank of Ghana to invest in training, so that they would see how they could also understand the whole concept and bring a legislation to regulate the market. Once we have a regulation, then people could then be allowed to operate that business in our country.

    Mr Speaker, so there is the need for us to encourage Bank of Ghana to go into training and research and see how they could have the expertise in order to regulate this new phenomenon.

    Mr Speaker, thank you very much, and I commend the Hon Member who made the Statement for bringing this to the attention of the House.
    Mr Speaker 10:58 a.m.
    Hon Deputy Minority Leader, thank you very much.
    Majority Leadership.
    Daniel O. Aboagye (NPP -- Bantama): Mr Speaker, thank you for the opportunity to contribute to the Statement that was well made by Hon Ama Pomaa Boateng on the issue of cryptocurrency which is still evolving.
    Mr Speaker, I believe that when we talk about cryptocurrency, some Ghanaians have already engaged in the business of buying crypto- currencies on the internet.
    I am aware of a few people who have consulted me on this and they wanted to know whether it is a good investment or not. I realised that in some cases, some people may have even suffered because we see these schemes that come out day in and day out to be marketed to people, especially on the internet.
    Some investments pay returns immediately and promise further and bigger returns if a person increases their investments. In some cases, we realised that people believe and start the process and others recover but others do not. Eventually, what we see is that some of the operators of these crypto business would vanish in the form of what could be described as Ponzi Schemes in the world of virtual currency.
    Mr Speaker, as other contributors have said, I believe that this is new and it is an unregulated business or currencies that I believe that as a
    Mr Speaker 11:08 a.m.
    Thank you, Hon Member.
    The Statement is referred to the Finance Committee for further consideration and report.
    That ends Statements time.
    At the Commencement of Public Business, item listed 4 -- Presentation of Papers. Item numbered 4(a) -- Minister for Finance.
    Mr Osei Kyei-Mensah-Bonsu 11:08 a.m.
    Mr Speaker, let us stand down item numbered 4(a) for the time being and take item numbered 4(b) (i) and (ii).
    Mr Speaker 11:08 a.m.
    Hon Chairman of the Committee, item numbered 4(b) (i).
    PAPERS 11:08 a.m.
    Mr Speaker 11:08 a.m.
    Hon Chairman of the Committee, item numbered 4(b) (ii)?
    Dr Mark Assibey-Yeboah 11:08 a.m.
    Mr Speaker, the Report on the Bill captured in item 4 (b) (ii) is not ready.
    Mr Speaker 11:08 a.m.
    Very well. Item listed 4(c)?
    Mr Iddrisu 11:08 a.m.
    Mr Speaker, even though the Hon Chairman has rightly deferred item numbered 4 (b) (ii), I am aware that you have referred some correspondence from the Hon Attorney-General and Minister for Justice on this matter for Leadership to look into. I wanted to know whether his Committee has taken ownership of it such that the Hon Attorney-General and Minister for Justice wrote requesting for some aspects of the Bill to look into?
    I got my referral from the Rt Hon Speaker. I just wanted to know whether the Hon Chairman and his members are aware of it and the extent to which that would be
    incorporated into the discussion and the Report on the State Interests and Governance Authority Bill, 2019.
    Mr Speaker 11:08 a.m.
    The Hon Chairman is obviously not aware.
    Hon Chairman?
    Dr Assibey-Yeboah 11:08 a.m.
    Mr Speaker, the Attorney-General's Department also wrote to the Committee indicating that some further work should be done on some five clauses for which reason we are standing this one down.
    Mr Speaker 11:08 a.m.
    We await your Report.
    Item numbered 4(c), Hon Chair- man of the Committee on Environ- ment, Science and Technology?
    Hon Majority Leader, what is the status?
    Mr Kyei-Mensah-Bonsu 11:08 a.m.
    Mr Speaker, we can take item numbered
    5.
    Mr Speaker 11:08 a.m.
    Item listed 5, presentation and First reading of Bills. Hon Attorney-General and Minister for Justice?
    Mr Kyei-Mensah-Bonsu 11:08 a.m.
    Mr Speaker, the Hon Attorney-General and Minister for Justice is at a Cabinet meeting now, and so I can do that on her behalf, subject to the indulgence of the House.
    Mr Speaker 11:08 a.m.
    Your counterpart is smiling, and so you may proceed.
    BILLS -- FIRST READING 11:08 a.m.
    Mr Speaker 11:08 a.m.
    Item listed 6. Can we proceed with the procedural Motion?
    Majority Leader (Mr Kyei- Mensah-Bonsu) 11:08 a.m.
    Mr Speaker, we would stand items 6 and 7 down. I am told they are now printing the Reports. The Reports would be printed and distributed, then we can take the two items listed as 6 and 7 tomorrow.
    Mr Speaker, in the meantime, we can now recline into a Committee of the Whole Sitting before we come back to item 8, to continue with the consideration of the Chartered Institute of Bankers (Ghana) Bill, 2018. So, we may suspend Sitting and recline to have the Committee of the Whole Sitting.
    Mr Speaker 11:08 a.m.
    For how many minutes?
    Mr Kyei-Mensah-Bonsu 11:08 a.m.
    Mr Speaker, one hour.
    Mr Speaker 11:08 a.m.
    We would suspend Sitting for one hour and resume at 12:16 p.m. The Hon First Deputy Speaker would take over.
    11.16 a.m. --Sitting suspended.
    2.18 p.m. -- Sitting resumed.
    Mr First Deputy Speaker 11:08 a.m.
    Yes, Hon Deputy Majority Leader?
    Ms Sarah Adwoa Safo 11:08 a.m.
    Mr Speaker, we can take item numbered 8, the continuation of the Considera- tion Stage of the Chartered Institute of Bankers (Ghana) Bill, 2018.
    Mr First Deputy Speaker 11:08 a.m.
    Very well, item numbered 8, the Chartered Institute of Bankers (Ghana) Bill, 2018, at the Consideration Stage.
    We are continuing from clause 41, am I right?
    Ms Safo 11:08 a.m.
    Rightly so, Mr Speaker.
    BILLS -- CONSIDERATION 11:08 a.m.
    STAGE 11:08 a.m.
  • [Continuation of debate from 26/03/2019]
    • Mr Stevens Siaka 11:08 a.m.
    Mr Speaker, I beg to move, clause 41, interpretation of “corporate member” delete and insert the following:
    “corporate member” means a banking institution or company licensed by the Bank of Ghana under the Non-Bank Financial Institutions Act of 2008 (Act 774) or a financial services company recognised by the Council”.
    Question put and amendment agreed to.
    Mr Siaka 11:08 a.m.
    Mr Speaker, I beg to move, clause 41, add the following new interpretation:
    “related banking service” includes a service provided by
    (a) financial administrators and managers;
    (b) receiver managers and debt management consultants;
    (c) consultants in banking and finance;
    (d) trainers in banking and finance;
    (e) arbitrators, mediators and conciliators in banking and finance matters;
    (f) agency bankers;
    (g) financial investigators;
    (h) trustees;
    (i) financial advisors;
    (j) credit management analysts; and
    (k) financial industry analysts.”
    Ms Safo 11:08 a.m.
    Mr Speaker, my challenge with the proposed amendment is the drafting in plural, and then as we continue we go to the singular, “related banking services include a service provided by”, and then when you come down it talks about administrators and managers.
    So I am further proposing that if we are drafting in singular we should do so and not mix them up; “related banking service includes a service provided by”, or if we want to go by the plural, “related banking services include services provided by”.
    Mr Speaker, if the drafterspersons could help us on that, that is my further proposal.
    Mr Bernard Ahiafor 11:08 a.m.
    Mr Speaker, thank you for giving me the opportunity.
    I am a bit worried particularly with clause 41 (c) as proposed; “consultants in banking and finance”. So as a lawyer, if I am providing consultancy services in banking and finance, it therefore means that I would have to register with the institution as demanded by the law.
    Mr First Deputy Speaker 11:08 a.m.
    Are you offering an opinion or you are asking me a question? -- [Laugh- ter.]
    Mr Ahiafor 11:08 a.m.
    Mr Speaker, it calls for our worry, because as a lawyer once you have been licensed to practice, your practice may entail providing services in the field of banking and finance.
    Mr First Deputy Speaker 11:08 a.m.
    You are a registered legal service provider. If you want to register as a banking service provider, then you are required to operate under this law, and therefore you would be required to register as such, but legal services may include advice on the law of banking. Here, it is asking you to be a consultant in banking and finance, not in the law of banking and finance. I think there is a world of difference.
    Dr Francis Bawaana Dakura 11:08 a.m.
    Mr Speaker, I have the same opinion about clause 41 (h), because the issue of trusteeship is so broad. I wonder why they could not codify it to make it more understandable in relation to specifically banking, because when you talk of trusteeship it is so broad.
    Trusteeships Should go and register with the Chartered Institute of Bankers just because you are doing trusteeship? You can imagine the definition of trusteeship. It is so broad. You are the lawyers, and you know what I am talking about.
    Mr First Deputy Speaker 11:08 a.m.
    Hon Chairman of the committee, I do not
    know, but I think that in this case the law should be interpreted in relation to banking and finance. If you are going to do trusteeship of wills, you would not register under the Banking and Finance Act. You would not be a chartered institute of trustees in banking.
    Ms Safo 11:08 a.m.
    Mr Speaker, respect- fully, the earlier proposal I made, I think there has not been any pronouncement on it by your good self, your direction on whether we are keeping the plural or singular.
    Mr First Deputy Speaker 11:08 a.m.
    I think we should leave it to the draftspersons. So I would put the question and direct the draftspersons to be consistent.
    Question put and amendment agreed to.
    Mr First Deputy Speaker 11:08 a.m.
    The draftspersons are hereby directed to be consistent with the drafting, whether singular or plural.
    Clause 41 as amended ordered to stand part of the Bill.
    Clause 42 -- Transitional provisions
    Mr Siaka 11:08 a.m.
    Mr Speaker, I beg to move, clause 42, subclause (1), line 1, delete “accrued”.
    So that it reads; “The rights, assets and liabilities in respect of the properties vested in the Chartered Institute of Bankers (Ghana) established under the Professional Bodies Registration Act, 1973…”
    So we delete “accrued”.
    Question put and amendment agreed to.
    Clause 42 as amended ordered to stand part of the Bill.
    Clause 43 -- Dissolution and savings.
    2. 28 p. m.
    Mr Siaka 11:08 a.m.
    Mr Speaker, I beg to move, clause 43, subclause (3), line 4, delete “kept, prepared” and insert “prepared, kept”.
    Mr Speaker, it is the other way round.
    Question put and amendment agreed to.
    Clause 43 as amended, ordered to stand part of the Bill.
    New Clause -- Secretary to the Council.
    Mr Siaka 11:08 a.m.
    Mr Speaker, I beg to move, new clause , add the following new clause:
    “Secretary to the Council
    The Council shall designate a serving officer of the Institute as Secretary to the Council”.
    Mr First Deputy Speaker 11:08 a.m.
    I think we did this amendment, if I
    recall correctly, on Monday, 25th March, 2019. I think clause 39. Sorry?
    Alhaji I. A. B. Fuseini 11:08 a.m.
    Mr Speaker, we did not do the amendment; what we did was that we said because of the onerous nature of the work of the Chief Executive Officer (CEO), it required the ‘CEO' to be deleted as secretary and then, a serving officer designated. So, we said they should come up with a new provision. That is what we did.
    Mr First Deputy Speaker 11:08 a.m.
    Really? All right. -- [Pause.]
    The record shows that we actually did and inserted a new provision except that it was to stand on its own. The original proposal was to put it under clause 39 but we said it did not belong there so it should stand on its own.
    I so direct that the draftpersons provide for it as a stand-alone provision.
    Very well, Hon Chairman, we are going to the Schedules.
    Mr Siaka 11:08 a.m.
    Mr Speaker, I beg to move, First Schedule, clause (4), sub- clause (1), line 4, delete “require” and insert “summon”.
    Mr Speaker, the new rendition reads as follows 11:08 a.m.
    (1) “If the Council is of the opinion that the evidence of a person or the production of a document by a person is
    Mr Speaker, the new rendition reads as follows 11:08 a.m.


    necessary to enable a matter to be investigated by the Disciplinary Committee, the Council shall direct the Secretary of the Council to summon that person to attend or produce the document at a time…”
    Ms Safo 11:08 a.m.
    Mr Speaker, on the same proposed amendment, on the same line, “summon” that person to attend…'. “to attend” is my challenge. One is summoned to appear.
    Mr Speaker, I stand corrected; one is summoned to appear before a disciplinary Committee or to produce the document that is being required of one to submit to the Committee. So, once the word, “require” is being changed to “summon”, I am further proposing that, “to attend” is a bit inappropriate so we should rather insert “appear before or produce the document”.
    Mr Ahiafor 11:08 a.m.
    Mr Speaker, I support the amendment proposed by the Hon Deputy Majority Leader. Mr Speaker, one is summoned to appear; one is not summoned to attend before a Committee, before a Court or before arbitration panel.
    So once we are using the word, “summon”, the corresponding word should be “appear” not “to attend”.
    Question put and amendment agreed to.
    Mr First Deputy Speaker 11:08 a.m.
    Item numbered vii, Hon Chairman of Committee?
    Mr Siaka 11:08 a.m.
    Mr Speaker, I beg to move, First Schedule -- clause (4), sub-clause (2), delete.
    Mr Speaker, the rationale for deleting is that the Criminal Offences Act, (1960) Act 29 has already taken care of it.
    Question put and amendment agreed to.
    Mr Siaka 11:08 a.m.
    Mr Speaker, I beg to move, First Schedule, clause (6), delete.
    Mr First Deputy Speaker 11:08 a.m.
    Hon Members, this is a straightforward proposal.
    Mr First Deputy Speaker 11:08 a.m.
    Yes, Hon Deputy Majority Leader?
    Ms Safo 11:08 a.m.
    Mr Speaker, I have a bit of a challenge with the deletions of subclauses (2) and (3). Where an offence is created or established in relation to one summoned before the Disciplinary Committee and failure to appear.
    Mr Speaker, inasmuch as it is captured in another enactment, I thought that for purposes of reinforcement and emphasis, we would keep it and rather make a cross-referral to the relevant enactment that the provision relates to.
    So if it is three and it relates to giving false evidence among others, I believe that we can cross-reference the proper section of the Evidence Act rather than delete the part that creates liability and an offence creating section. This is because it is about summoning and they have quasi- judicial functions like the disciplinary committee that is referred to here.
    Like any Committee of Parliament, they have quasi-judicial authority and I think that once one is summoned to appear before them and does not, there should be some sanction and that is what we are deleting. So, if there is any other reason the Hon Chairman has, because he cross- referenced an enactment which he said takes care of that -- [Interruption.] That does not prevent us from re-emphasising that particular enactment that relates to this provision.
    Mr First Deputy Speaker 2:38 a.m.
    Hon Deputy Majority Leader, what is the sanction for not appearing as a witness? You could be compelled, so there is no sanction properly so called. You may be compelled, so an offence is not rightly placed in this instance.
    The other thing about giving false evidence is also the issue. If one takes an oath to tell the truth and gives false evidence, the offence is already created under the Oaths and Declarations Act. So whether it is stated here or not, once it is proved
    that one has given false evidence, there is an offence in that already.
    Do my Hon Colleagues agree with me on that?
    Mr Ahiafor 2:38 a.m.
    Mr Speaker, I agree with you and support the amendment made by the Hon Chairman of the Committee. We need to avoid a situation where this law would create offences and punishments, yet there is also another law that has created a similar offence and its punishment.
    Normally, when these things happen, the prosecutors are put into election under which law they would proceed against the suspect. In the circumstances, to avoid all those things, it is better to leave it for the substantive Act and then be deleted in this particular Bill.
    This is simply because the punishment that we are prescribing in this particular Bill would not be in conformity with the one prescribed under the substantive law that creates the offence. So with this view, I support the proposed amendment by the Hon Chairman of the Committee.
    Mr Dakura 2:38 a.m.
    Mr Speaker, I share a similar view with the Hon Deputy Majority Leader. I think that we should treat offences related to activities within that sector as unique, so that we could have punishments that would deal with the likes of Menzgold, DKM among others.
    Alhaji I.A.B. Fuseini 2:38 a.m.
    Mr Speaker, you have made a point. Initially, when the Hon Deputy Majority Leader spoke, I was sympathetic towards her view but when you explained, it became so clear.
    First of all, there is no penalty provided, so if somebody breaches the law, what would be done? The provision is not complete and that is why we must delete it.
    Secondly, there is recourse to other provisions of the law, because if we do so under this Act, we would breach a provision in a law that already exists. We do not need to cross-reference because the opportunity already exists. It is fatal because we have not provided a penalty for such a breach.
    Ms Safo 2:38 a.m.
    Mr Speaker, I have taken a cue and my proposal is abandoned.

    Question put and amendment agreed to.

    First Schedule as amended ordered to stand part of the Bill.

    Second Schedule -- Executive Committee
    Mr Siaka 2:38 a.m.
    Mr Speaker, I beg to move, Second Schedule, Delete.
    This is in line with what we agreed on yesterday.
    Mr First Deputy Speaker 2:38 a.m.
    Do you mean to delete the entire Second Schedule? Is that the proposal, because I want to be clear? [Pause.]
    Question put and amendment agreed to.
    Third Schedule -- Meetings of the Institute
    Mr Siaka 2:38 a.m.
    Mr Speaker, I beg to move, Third Schedule, clause (1), subclause (2), paragraph (a), lines 1 and 2, delete “Treasurer and not more than four members of the Council” and insert “and four other members of the Council at least two of whom are women”.
    Alhaji I.A.B. Fuseini 2:38 a.m.
    Mr Speaker, by this amendment, the number here would be even and we would now have six, but the original formulation allowed for the election of seven members. I do not know the rationale behind the reduction of the number to six.
    The original one had the President, the Vice President, the Treasurer and not more than four other members.
    Now, “Treasurer” has been deleted and we have improved upon the four members by saying that two of the four should be women. What happens now that the number is six and why six and not seven?
    Mr First Deputy Speaker 2:38 a.m.
    Hon Chairman, I think that we should change four to five. Do you agree to that?
    Alhaji I.A.B. Fuseini 2:38 a.m.
    The proposal is five members, two of whom shall be women.
    Mr Shaibu Mahama 2:38 a.m.
    Mr Speaker, I wanted to know why we are taking out “Treasurer”. If “Treasurer” remains, we would still have four. Unless there are cogent reasons “Treasurer” should not be part of it. It would have been, “elect a President, Vice President, Treasurer and not more than four members of the Council.”
    Mr First Deputy Speaker 2:38 a.m.
    The five others still may include the Treasurer.
    Alhaji I.A.B. Fuseini 2:48 p.m.
    A Treasurer is an important position in the sense that it deals with money and expenditure. Probably, they are taking it off, so that they can appoint somebody to be a Treasurer and not anybody elected as a Treasurer.
    Mr Adu 2:48 p.m.
    Mr Speaker, there is a rationale to that effect that the Council
    is a decision making body and does not need the service of the Treasurer, so that is why we want to take it away.
    Mr First Deputy Speaker 2:48 p.m.
    The new rendition would then be:
    “elect a President, Vice President and five other members at least, two of whom shall be women''.
    Dr Dakura 2:48 p.m.
    Mr Speaker, they said that the Council is a decision making body and I precisely think that is why a treasurer would be needed to provide financial advice for them to take decisions. If they are all non- financial people who happen to be Council members, how would they get the input of a technical financial adviser to take that decision? This is a banking sector, and so they should review their thinking about removing the Treasurer from membership of the Council.
    Mr Siaka 2:48 p.m.
    Mr Speaker, we propose to remove “Treasurer” because this is the highest decision making body and it is the CEO who would receive the internal auditors report and all financial arrangements internally. He is well abreast with financial issues, so at the Council meeting, he is qualified to defend all issues that relate to finance.
    Mr First Deputy Speaker 2:48 p.m.
    Please, look at the clause again. It is about “Annual General Meeting'' and what would be done.
    Mr First Deputy Speaker 2:48 p.m.


    It reads:

    “the Council shall convene an Annual General Meeting of the Institute to --

    (a) elect a President, a Vice President, and five others…''

    It is for election, so, ‘'five others'' is to allow them space to define whom to elect, whether they want a Treasurer or a Financial Secretary. But certainly, they would want a President and a Vice President. The election is what would take place at the Annual General Meeting.
    Mr Shaibu Mahama 2:48 p.m.
    Mr Speaker a Treasurer has not even been provided for, therefore, they cannot introduce it and say it should be added to the number.
    Question put and amendment agreed to.
    Mr Siaka 2:48 p.m.
    Mr Speaker, I beg to move, Third Schedule, clause (2), head note delete “meetings” and insert “General Meetings”.
    Mr First Deputy Speaker 2:48 p.m.
    Which “meetings” should be deleted?
    Mr Siaka 2:48 p.m.
    Mr Speaker, we would delete “Extraordinary'' and insert ‘'General Meetings''.
    Mr First Deputy Speaker 2:48 p.m.
    So it would become “Extraordinary General Meetings''. Is that what you want?
    Alhaji I.A.B. Fuseini 2:48 p.m.
    Mr Speaker, they want to make it abundantly clear that the Third Schedule talks about “General Meetings''. This is because clause 1 (1) to (7) of the Third Schedule talks about “General Meetings'', so they just want to make it clearer by saying that the meetings they are talking of are not special or extraordinary meetings, but general meetings.
    Mr First Deputy Speaker 2:48 p.m.
    In clause 2, it talks about ‘'Extraordinary meetings''. Clause 2(1) reads:
    “The Council may convene an extraordinary meeting of the Institute on its own or on receipt of a written request…''
    So, it is either we are talking about “Extraordinary General Meeting'' or “Extraordinary meeting''
    Mr Shaibu Mahama 2:48 p.m.
    Mr Speaker, the amendment is apt. whether it is an “extraordinary'' or not, they are all general meetings and that is why we want the heading to be “General Meetings'' -- “extra-ordinary General Meeting'' is still a general meeting.
    Mr First Deputy Speaker 2:48 p.m.
    Third Schedule clause 2(2) says:
    “A request for an extraordinary meeting shall state the purpose of the proposed meeting and be submitted to the Secretary of the Council.''
    So it is intended to be different from the annual general meetings. The amendment we want is to just insert “General'' between “Extraordinary'' and ‘'meetings''. So it would be “Extraordinary General Meeting.''
    Question put and amendment agreed to.
    Alhaji I. A.B. Fuseini 2:48 p.m.
    Mr Speaker, having helped us to proffer an amendment to the headnote, ‘'extraordinary meetings'' appears twice in the body. So, it could be consequential.
    Mr First Deputy Speaker 2:48 p.m.
    I direct that the draftspersons make the appropriate corrections by converting “extraordinary meetings'' to “extra- ordinary general meetings'' in the body of clause 2.
    Mr Siaka 2:48 p.m.
    Mr Speaker, I beg to move, Third Schedule, clause (3), subclause (3), opening phrase, after “shall” insert “on the instructions of the Council” after”.
    Mr Ahiafor 2:48 p.m.
    Mr Speaker, the advertised amendment is problematic. We should not have the word “after''. It states “clause (3), subclause (3), opening phrase, after “shall'' insert “on the instructions of the Council'' so “after'' should not be repeated.
    The new rendition would be:
    “The Secretary shall on the instructions of the Council send
    to each member of the Institute….''
    Mr First Deputy Speaker 2:58 p.m.
    Hon Members, are we all clear?
    Question put and amendment agreed to.
    Third Schedule as amended ordered to stand part of the Bill.
    Mr First Deputy Speaker 2:58 p.m.
    Hon Members, the Fourth Schedule — item numbered 8(xiii).
    Fourth Schedule — Professional Misconduct.
    Mr Siaka 2:58 p.m.
    Mr Speaker, I beg to move, Fouth Schedule, cross reference in head note, delete and insert “[sections 18(2)(d) and 24(1)(a)]”.
    Mr First Deputy Speaker 2:58 p.m.
    Hon Members, I have been advised that instead of voting on this should I direct the draftspersons to make the appropriate corrections.
    I so direct that the appropriate cross referencing be done by the draftpersons?
    Mr Siaka 2:58 p.m.
    Mr Speaker, I beg to move, Fourth Schedule, paragraph (a), delete.
    Question put and amendment agreed to.
    Mr First Deputy Speaker 2:58 p.m.
    Item numbered 8(xvi).
    Short Title — Chartered Institute of Bankers (Ghana) Act, 2018.
    Mr Siaka 2:58 p.m.
    Mr Speaker, I beg to move, Short Title, delete “(Ghana)” and insert “Ghana”.
    Question put and amendment agreed to.
    Short Title as amended ordered to stand part of the Bill.
    Mr First Deputy Speaker 2:58 p.m.
    The Long Title.
    Long Title — An Act to establish the Chartered Institute of Bankers Ghana to promote the study of banking; to regulate the practice of the banking profession and to provide for related purposes.
    Mr First Deputy Speaker 2:58 p.m.
    In this case, I will not put the Question. I will direct the draftspersons to remove the parenthesis around “Ghana” in the Long Title. — [Pause] — Hon Leader, I have given a direction in regards to the removal
    of the parenthesis around “Ghana” in the Long Title but I am advised that there are about two other matters pending and so we cannot do the Long Title today. Once we do that, it would mean that we are bringing the Consideration Stage of the Bill to a close. So I will stop here for today.
    Ms Safo 2:58 p.m.
    Mr Speaker, we take a cue from that.
    But item (xiv), the Hon Chairman moved and proposed an amendment, that paragraph (a) of the Fourth Schedule should be deleted, but he did not offer any explanation. A definition is offered for the term, “professional misconduct”. If one provides false information to seek admission to be a member of the Chartered Institute of Bankers Ghana, it should be deemed as a professional misconduct, but the Hon Chairman deleted that provision.
    He should have further and better explanation to convince everybody, other than that, I propose that paragraph (a) in the Fourth Schedule should be allowed to stay.
    Mr First Deputy Speaker 2:58 p.m.
    Hon Chairman, do you have any information? For those of us who have not been part of the winnowing, it may be a bit presumptuous to curtail some of the things they have discussed at length.
    Alhaji I. A.B. Fuseini 2:58 p.m.
    Mr Speaker, I had a challenge, but thinking about it, if anybody provides false information to get onto a register by
    itself does not constitute professional misconduct. It is a criminal offence and the person cannot come back onto the register.
    Mr S. Mahama 2:58 p.m.
    Mr Speaker, it is the same reason if we look at paragraph (d), it reads “stealing, embezzling and misappropriating funds and property under that members custody;” We can assign the same reason to paragraph (a) — then we should as well cancel the whole items listed under “Professional Misconduct”. That is not the reason which means that there is no reason and it has to stay.
    Ms Safo 3:08 p.m.
    Mr Speaker, I believe that if a person provides false information and ends up having his or her name as a chartered banker; there are two legs to the offence that Hon Alhaji Fuseini talked about. The person can be criminally charged and it is an established fact.
    By virtue of a person forging documentation to represent himself somebody that he is not, is a criminal offense and I have no doubt about it. At the same time, it is a professional misconduct so we are legislating and defining what “professional mis- conduct” is.
    What is ‘criminality' is already taken care of in the Criminal Offences Act. Once the fact is established, one can be criminally charged -- that is another leg. What we are seeking to do is within the ethics and standards of the Chartered Institute of Bankers
    (Ghana). What would constitute something that they would deem as professional misconduct?
    Mr Speaker, if you can be criminally liable for that offence, equally, it is not ethical. So it would then be a breach of professional ethics and so, it would be a professional misconduct as well.
    Mr First Deputy Speaker 3:08 p.m.
    Let me listen to the Hon Chairman of the Committee.
    Mr Siaka 3:08 p.m.
    Mr Speaker, para- graph (a) reads:
    “providing false information to seek admission for membership”.
    A person has not yet been admitted; he has declared his intention to be and so if in the process, his particulars are found to be faulty, he would be rejected because he is not yet a member. That is the reason it is being deleted.
    Alhaji I.A.B. Fuseini 3:08 p.m.
    Mr Speaker, the simple reason is that if one provides false information to get registered, then he is not a professional. So how can it be professional misconduct? [Interruption] If you provide false information to be register on the roll of lawyers as a lawyer and you are found out, it cannot be professional misconduct because you are not even a lawyer. So how can it be professional misconduct?
    Mr Shaibu Mahama 3:08 p.m.
    Mr Speaker, I appreciate where the Hon Member who just spoke, who is a senior counsel, come from. But then if you look at clause 18, it talks about “Qualification for registration as a member of the Institute”. One could have been a professional somewhere before coming to be a member of the Institute and professional misconduct cuts across. Under clause 18, one could have been a professional lawyer attempting to be a chartered banker --
    Mr First Deputy Speaker 3:08 p.m.
    This is standard for evaluating members of the chartered Institute of Bankers. If you are a lawyer and you present false information to be registered as a chartered banker, and you are found out, if it is proven then the Ghana Bar Association would also take you on for misconducting yourself elsewhere.
    Hon Members, at this point, the issue really is, if the person is found out to have presented false information and has been registered, will the Institute then issue disciplinary action against him having found out that he is actually not qualified to be a member? So then you are just left to the criminal --
    Yes, Hon Deputy Majority Leader?
    Ms Safo 3:08 p.m.
    Mr Speaker, the Hon Chairman, in trying to proffer an explanation to why he proposed that amendment, gave an indication that it is at the time of registration that is when that determination is made and so the person is not even a member yet. So why then can he or she be
    deemed to have breached any professional ethics or standards?
    Mr Speaker, you would agree with me that that determination is made after the fact. Hon Member of Parliament, we are supposed to provide our information and everything. We come here and register and provide all the information that is required of us. We come here and we are sworn in; at that time you are a Member of Parliament.

    Mr Speaker, the determination of whether the information that is provided at the time of registration is false and cannot be made instantly. The person would have taken that registration and then go later and do a background check. So that the person would have entered already. It is later when the fact is established that indeed, the document he provided cannot be substantiated or is forged then the appropriate actions would be taken against him. Are we then saying that at the time he was not a member? He was, it is the same way as a --
    Mr First Deputy Speaker 3:08 p.m.
    Hon Deputy Majority Leader, you have been a lawyer for 20 years. Very soon
    I will be 30 years. If it is found out that indeed, I forged some information to get unto the register of lawyers, which undermines the hope that I have never been a lawyer in the first place, upon what basis would GBA try me for professional misconduct?
    ‘Professional misconduct' relates to your practice; in the course of your practice doing something that is against the ethics and rules of a member. But if you proffer false information to get on the register, you have committed an offence to be on the register. Unless you have done something which professionals, for example, if I take your money as a lawyer and instead of administering it in accordance to your will, I use it for myself, that is professional mis- conduct.
    But if I am not a lawyer in the first place, can the GBA then use the legal yardstick for determination? I think that is where the difference is.
    I think we should end it here but we are not ending Consideration anyway and so we may come back to second Consideration on that.
    Hon Members, that brings us to the end of the Consideration Stage of the Chartered Instituted of Bankers (Ghana) Bill, 2018 for today.
    Hon Deputy Majority Leader, what is your pleasure?
    Ms Safo 3:08 p.m.
    Mr Speaker, items numbered 4 (c)(i) and (ii) are ready and the Hon Chairman of the Committee would lay the said Reports.
    Mr First Deputy Speaker 3:08 p.m.
    Very well.
    Items numbered 4 (c) (i) and (ii) -- Presentation of Papers.
    PAPERS 3:08 p.m.
    Mr First Deputy Speaker 3:18 p.m.
    Hon Deputy Majority Leader, should I suspend or adjourn the House?
    Ms Safo 3:18 p.m.
    Mr Speaker, at this point, I believe the mood of the House is for an adjournment.
    Mr First Deputy Speaker 3:18 p.m.
    Hon Members, the House is adjoured till Thursday, 28 March 2019 at 10 o'clock in the forenoon.
    ADJOURNMENT 3:18 p.m.
  • The House was adjourned at 3.21 p.m. till Thursday, 28th March, 2019 at 10.00 a.m.