Banks to collect internally generated funds for gov’t

Government has signed an agreement with approved commercial banks to collect internally generated funds on behalf ministries, departments and agencies as well as metropolitan, municipal and district assemblies (MMDAs) and government hospitals.
The categories of services under the programme included the on-site banking services where the assigned participating banks located teller offices at the premises of the host MDA, MMDA and government hospitals.
Alternatively, the banks provided collection services with bullion vans on designated days, times and location to pick the proceeds from the host institutions.
The programme is aimed at facilitating the collection of Non-Tax Revenue/Internally Generated Funds (NTR/IGF) and to among others ensure that collections were promptly paid into the consolidated fund.
The policy is also aimed at reducing the incidence of revenue leakages due to fraudulent receipting and handling of cash.
Speaking during the signing ceremony, Deputy Minister for Finance, Mr. Kwaku Kwarteng, urged the banks to cooperate with the Ministry, the Controller and Accountant-General’s Department, the Bank of Ghana to ensure effective mobilization of Internally Generated Fund (IGF).
According to him, the programme was opened to include all commercial banks operating in Ghana after two years of its implementation.
Currently, there are 19 banks participating in the programme and this is expected to increase to 21 by the end of the year.
Present at the ceremony were 18 commercial Banks that included G.C.B Bank, Standard Chartered Bank, Access Bank, First Atlantic Bank, Prudential Bank, Agricultural Development Bank, Ecobank, Zenith Bank, Fidelity Bank, Guarantee Trust Bank, Cal 12. Bank, First Atlantic Bank, National Investment Bank, Barclay’s Bank, U.B.A, Universal Merchant Bank, and Societe Generale Bank.
A number of Government Agencies present to sign the agreement included Lands Commission, Nurses and Midwifery Council, Fisheries Commission, Ghana Investment Promotion Centre, a number of hospitals, Food and Drugs Authority, among others.

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