BoG Revokes Licenses Of 2 Forex Bureaus For Breaching Foreign Exchange Laws | Banking/Finance

In accordance with the provisions of Sections 11 (1) and 12 (f) of the Foreign Exchange Act 2006 (723), the Bank of Ghana has revoked the license of Trade House and Airport City Forex Bureaux Limited efficient October 27, 2022, primarily based on the next:

I. Non-compliance with guidelines governing the operations of overseas alternate bureaus together with directives on buyer identification and issuance of digital receipt (Bank of Ghana Notice Number: BG/GOV/SEC/2018/16).

ii. 19 (i)The Bank of Ghana reserves the fitting to revoke the license of any foreign exchange bureau if: within the Bank's opinion, the conduct of any foreign exchange bureau is detrimental to the success of the Forex Bureau Scheme;

According to the Head of the Other Financial Institutions Supervision Department on the Bank of Ghana, Yaw Sapong, the train focused at guaranteeing sanity within the foreign exchange market is anticipated to proceed throughout the capital metropolis, Accra within the Greater Accra area.

The two foreign exchange bureaus are below the identical possession and had been detected by a thriller buying train by the central financial institution.

The Head of the Other Financial Institutions Supervision division of the Central Bank famous that they weren't issuing digital receipts and never requesting legitimate proof of identification.

Mr Sarpong stated the “two bureaus on several occasions have been found not to be complying.”

“The way they set their prices are detrimental and we think that the licenses of the two bureaus have to be revoked,” he added.