By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Starr FmStarr FmStarr Fm
  • Home
  • Election Hub
  • General
    GeneralShow More
    2026 NPP primaries date not set to favour any aspirant – Krobea Asante
    June 20, 2025
    “The Constitution says I should identify myself in partisan colours” – Dafeamekpor
    June 20, 2025
    Kumawu MP condemns teachers’ fight at Pepease school
    June 20, 2025
    PIAC, Ghana Gas strengthen ties to promote energy sector transparency
    June 20, 2025
    NDC parading party loyalists at Supreme Court – NPP’s Krobea Asante alleges
    June 20, 2025
  • Business
    BusinessShow More
    PIAC, Ghana Gas strengthen ties to promote energy sector transparency
    June 20, 2025
    Fitch Ratings: Ghana’s economic outlook rebounding steadily – Mahama
    June 17, 2025
    FinSavvy Insights: Ghana’s credit rating upgrade – Turning optimism into lasting stability
    June 17, 2025
    OmniBSIC Bank relocates Osu Branch to improve customer experience
    June 17, 2025
    PassionAir slashes domestic airfares by 10% effective today
    Cedi Gains: PassionAir slashes domestic airfares by 10% effective today
    June 17, 2025
  • Politics
    PoliticsShow More
    2026 NPP primaries date not set to favour any aspirant – Krobea Asante
    June 20, 2025
    “The Constitution says I should identify myself in partisan colours” – Dafeamekpor
    June 20, 2025
    Kumawu MP condemns teachers’ fight at Pepease school
    June 20, 2025
    NDC parading party loyalists at Supreme Court – NPP’s Krobea Asante alleges
    June 20, 2025
    Justice Ackaah-Boafo: Mob justice illegal, unconstitutional
    June 20, 2025
  • Entertainment
    EntertainmentShow More
    Bro Philemon hints at comeback to Ghana’s gospel music scene
    June 19, 2025
    Bola Ray to host Rockson-Nelson Dafeamekpor on StarrChat 
    June 18, 2025
    Johnnie Walker Blonde takes Pent Hallweek by storm with smooth and bold energy
    June 17, 2025
    Hezron Clarke releases seductive afrobeats single “Property Manager” with reggae flavor
    June 14, 2025
    3rd GhanaFest Alberta launched; slated for July 25-27 in Canada
    June 14, 2025
  • Sports
    SportsShow More
    Hearts of Oak appoint Didi Dramani as head coach on two-year deal
    June 20, 2025
    Kofi Adams backs golf for youth development, sustainability, and education in Ghana
    June 19, 2025
    Kofi Adams hails Theo Lopez’s WBO title, pledges support for world title bid
    June 19, 2025
    El Wak Wings beat La Pioneers 3-0 in GAVA League clash
    June 18, 2025
    Body of late Nigerian boxer Segun Olanrewaju arrives in Lagos
    June 17, 2025
  • Technology
    TechnologyShow More
    Onafriq, PAPSS partner to launch cross-border payment services in Ghana 
    June 20, 2025
    Yellow Card, Visa partner to accelerate stablecoin adoption across emerging economies
    June 19, 2025
    Samsung takes Galaxy Z Series to a new era
    June 18, 2025
    AgriTech Challenge Pro showcases potential of the agricultural sector to create jobs for the youth
    May 29, 2025
    Crypto regulation to spur innovation, attract investment
    May 20, 2025
  • International
    InternationalShow More
    Ghana not officially notified of U.S. Travel Ban – Ablakwa assures
    June 20, 2025
    First batch of Ghanaians in Iran evacuated to Turkey – Ablakwa
    June 20, 2025
    Pres. Mahama to host King Mswati III of Eswatini for a State Visit next week
    June 19, 2025
    Global Citizen partners the Spanish Government to host Global Citizen NOW Sevilla to call for international financing reform
    June 19, 2025
    Washington Embassy Scandal: Fred Kwarteng made $4.8m annually from illegal operations – Ablakwa
    June 18, 2025
  • Factometer
Search
© 2024 EIB Network Ltd. All Rights Reserved.
Reading: BoG in GH¢4.7bn murky contract
Share
Notification Show More
Font ResizerAa
Starr FmStarr Fm
Font ResizerAa
  • Headlines
  • Election Hub
  • General
  • Politics
  • Sports
  • Business
  • Entertainment
  • Factometer
Search
  • Headlines
  • Election Hub
  • General
  • Politics
  • Sports
  • Business
  • Entertainment
  • Factometer
Have an existing account? Sign In
Follow US
© 2024 EIB Network Ltd. All Rights Reserved.
Business

BoG in GH¢4.7bn murky contract

Starrfm.com.gh By Starrfm.com.gh Published February 8, 2017
Share
SHARE

The Bank of Ghana (BoG) has awarded a multi-billion-cedi contract to Sibton Switch Systems Limited to implement a retail payment system infrastructure in Ghana.

The contract, which is seen by many industry experts as unnecessary and shady, will see Sibton Switch Systems Limited – a company formed only in August 2015 – run a system to make banks, mobile money platforms and other payment systems interoperable.

Initial figure sighted by Daily Guide as the cost submitted by Sibton to the Bank of Ghana (BoG) for the implementation of the retail payment system was GH¢4,667,414,340.82.

What raises eyebrows is the fact that two other entities that bid for the same contract – Vas Intel Limited and Mericom Solutions Limited – submitted tender amounts and packages worth GH¢14,094,795.00 and GH¢5,465,396.06 respectively.

Vas Intel files for annulment

Minutes of a tender committee meeting dated Monday, July 04, 2016, capture the bids submitted by all the three interested companies.

The tender committee, chaired by Mr Innocent Asamoah, in its remarks after the evaluation of the tenders, concluded that all three were responsive and met their expectations and so awarded the contract to Sibton Switch Systems Limited.

This led Vas InteL Limited to write to the BoG to protest the award of the contract to Sibton Switch Systems Limited.

In its letter dated July 25, 2016, Vas Intel wrote that it was conceivably impracticable for the BoG to award a contract to Sibton within six business days after the opening of tenders on July 4, 2016.

According to the letter, “All procurement actions taken by the BoG pursuant to Act 663 must be done with a strict and uncompromising adherence to the principles of transparency and fairness so as to protect and preserve public property and interest, as well as the integrity of the laws governing public procurement within the territory of the Republic of Ghana.”

Telecom operators in the country are unhappy about moves by the Central Bank to impose on them a third-party company which will be intermediate in mobile money transactions across different networks.

Telecom operators outraged

The Ghana Chamber of Telecommunications has bared its teeth at the Central Bank and condemned the move to impose Sibton Switch Systems Limited on the players in the industry.

In a letter dated January 9, 2017, the chamber argues that the move by the BoG and Sibton is not in alignment with international standards or benchmarks.

They also argue that the fees being charged by the switch are too high and have the potential to undermine the successes chalked by the industry.

The Telecoms Chamber, after meetings with banks, mobile money operators, and the Central Bank, warned that aside from the outrageous costs of the project, the scope was also not well defined and could run the industry into a state of chaos.

Case for GHIPSS

The Ghana Interbank Payment and Settlement Systems Limited (GhIPSS) is a wholly owned subsidiary of the Bank of Ghana.

It was incorporated in May 2007 with a mandate to implement and manage interoperable payment system infrastructure for banks and non-bank financial institutions in Ghana.

Industry leaders believe that the BoG should annul the deal with Sibton Switch Systems Limited and offer GhIPSS the needed leverage to continue integrating payment systems like they have successfully done over the past decade.

You Might Also Like

PIAC, Ghana Gas strengthen ties to promote energy sector transparency

Fitch Ratings: Ghana’s economic outlook rebounding steadily – Mahama

FinSavvy Insights: Ghana’s credit rating upgrade – Turning optimism into lasting stability

OmniBSIC Bank relocates Osu Branch to improve customer experience

Cedi Gains: PassionAir slashes domestic airfares by 10% effective today

TAGGED:BoGGhana
Share This Article
Facebook Twitter Email Print
Share
Previous Article Starr FM’s DJ Mono drops Twi hip pop mixtape
Next Article Era of “rice, sugar politics” over – Bawumia

Starr 103.5FM

Starr FmStarr Fm
Follow US
© 2024 EIB Network Ltd. All Rights Reserved.
newsletter icon
Join Us!

Subscribe to our newsletter and never miss our latest in news, podcasts etc..

[mc4wp_form]
Zero spam, Unsubscribe at any time.
adbanner
AdBlock Detected
Our site is an advertising supported site. Please whitelist to support our site.
Okay, I'll Whitelist
Welcome Back!

Sign in to your account

Lost your password?