Bank of Ghana hits bank, forex bureaux
BUSINESS| July 24, 2012, 7:44 a.m.
The Bank of Ghana has taken action on a number of irregularities in the conduct of foreign exchange transfers by a bank and a number of forex bureaux.
The Bank says in a statement that Access Bank Ghana Limited engaged in the externalization of various sums in favour of a company which had no account relationship with the bank and, in another instance, in favour of a company without any documentation. The transfers were made without the documentation required by the Foreign Exchange Act and Guidelines.
The Bank of Ghana has therefore decided to suspend Access Bank Ghana Limited from engaging in foreign exchange business for a period of six months.
The operating licences of the five bureaux, namely: Ocean Drive Forex Bureau, Kafsons Forex Bureau, Fatcoms Forex Bureau, Nabrim Forex Bureau and Sears Forex Bureau, all in Accra, have been revoked.
The Bank says the bureaux purchased huge sums of foreign exchange from banks for onward sale to clients but failed to record these purchases in their books and also did not include the information in the returns submitted to the Bank of Ghana, thereby concealing the end use of such funds.
The Bank of Ghana warned all banks and licensed dealers in foreign exchange to strictly abide by the provisions of the Foreign Exchange Act 2006, Act 723 or face stiff sanctions, including prosecution.
MORE BUSINESS NEWS
FNB, PayPal bring global eCommerce to BotswanaFirst National Bank (FNB) has announced it will be extending the partnership between FNB and PayPal to offer the PayPal Withdraw Service, previously available only in South Africa, in Botswana. Read More
Survey: businesses have less than two years to make digital inroadsProgress has announced the results of its recent global survey: "Are Businesses Really Digitally Transforming or Living in Digital Denial?" Read More
Gartner: profit opportunities exist for PC vendorsThe worldwide PC market registered one of its lowest quarterly growth rates in the first quarter 2016, but Gartner, Inc. said several profit opportunities exist for PC vendors. Read More
MTN Business makes headway to be an ICT Partner of ChoiceMTN Business, the enterprise business unit of MTN SA, plans to focus on three key areas in a bid to become the ICT partner of choice, namely, getting the basics right, accelerating growth and diversifying its revenue streams. Read More
MTN Ghana celebrates 20 years of operations in GhanaMTN Ghana has unveiled its 20th Anniversary logo at a grand ceremony held at the iconic MTN House in Accra to officially mark the 20 years of operations in the country. Read More
Copy Cat bets on innovation to grow market shareKenyan technology company Copy Cat Group is implementing a new transformational strategy to increase its market share in the ICT market. Read More
Infrastructure investments highlight bright spots for SSA economic diversificationThe commodity super cycle may have ended, but there are certainly bright spots for investors across sub-Saharan Africa, IHS has told the World Economic Forum on Africa. Read More
Africa’s CEOs look to innovation and technology to stimulate growthCEOs in Africa are ramping up their efforts to innovate and find new ways to do business on the continent, according to PwC’s Africa Business Agenda released at the 26th World Economic Forum on Africa in Kigali. Read More
4th Africa Business Forum to be staged in EthiopiaRegistration is open for the 4th Africa Business Forum to be held on Wednesday, June 1st, 2016 at the Sheraton Hotel, Addis Ababa, Ethiopia, East Africa. Read More
Airtel divests telecoms tower assets in DRC to Helios Towers AfricaBharti Airtel International and Helios Towers Africa have announced an agreement for the divestment of approximately 950 telecoms towers in the DRC from Airtel to Helois Towers Africa. Read More
FEATURED STORYGovernment should encourage youths in ICT early
Youths should be given more encouragement to develop their ICT skills, an 11-year-old app developer told Kokumo Goodie.
BEST READ NEWS
IN DEPTHIBM Opens First Cloud Data Centre in South Africa
IBM is opening a new IBM Cloud Data Centre in Johannesburg, South Africa. The new cloud center is the result of a close collaboration with Gijima and Vodacom and is designed to support cloud adoption and customer demand across the continent.
COMPANY NEWSEnhancing your security posture to fight new ransomware threats
Petya ransomware is proving to be one of the top cybersecurity stories of 2016.Arbor stops malware in its tracks
There is always a substantial amount of banking trojan activity taking place, however, recent developments have intensified the threat landscape.