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Business News of Monday, 4 September 2017

Source: www.ghanaweb.com

LMCs laud government, endorse Banker-to-Banker licensing


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Lotto Marketing Companies (LMCs) have lauded government’s decision to regularise private lotto (Banker-to-Banker) operators in the country.

The LMCs who initially were protesting against government’s initiative to involve the private operators in official lottery operations by registering them and licensing them for reasons that it will have negative impact on their business, have finally acknowledged government’s efforts in that regard.

“Banker-to-Banker has been an albatross hanging on the neck of the NLA. Several attempts made by past managements of the NLA including police raids to eliminate them have not been successful…the only option worth considering now is to find a way to control activities of Banker-to-Banker operators…We fully endorse the decision of the Director-General and management team to license Banker-to-Banker operators and indeed all Private Lotto Operators who are operating outside the legal framework of Act 722, a statement released by the association read.

At a press conference held on Thursday September 4, General Secretary for the National Association of Lotto Marketing Companies, Mr. Kofi Frimpong indicated that the association has realized the numerous reassuring and innovative measures government, through its new Director General; Kofi Osei Ameyaw, is imploring to deal with their needs and concerns since its assumption in office, they are therefore appreciative and supportive of them.

His comments came on the back of a supposed “illegal” meeting organized by a group of LMCs in the Ashanti Region on August 31.

These group of persons apparently met without the knowledge of the national association and without consulting the executive of the LMCs and yet presented themselves as representatives of the entire body, “attacking and castigating” management of the NLA to register their displeasure at government's decision to register and license Banker-to-Banker operators.

Mr. Frimpong condemned their actions describing it as an act of “bad faith”.

He also requested that government facilitate processes to waive the extra taxes imposed on winnings resulting in losses to the business.

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