Bank of Ghana hits bank, forex bureaux

BUSINESS

|
Image: By BiztechAfrica
Bank of Ghana hits bank, forex bureaux

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Bureau, Kafsons Forex Bureau, Fatcoms Forex Bureau, Nabrim Forex Bureau and Sears Forex Bureau, all in Accra, have been revoked.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.



Share the News

Get Daily Newsletter

comments powered by Disqus

MORE BUSINESS NEWS

Maroc Telecom completes Moov takeover for 474 million euros

Maroc Telecom said this week that it has completed the takeover of all Moov operations in six African countries to the total value of 474 million euros. Read More

Citrix: SA office workers lose up to 559 hours a year due to lack of flexible work options

A Citrix study has found 20% of South African office workers work longer hours than contracted; losing up to 559 hours per year. Flexible working hours and the use of technology could improve the situation, it says. Read More

Wananchi Telecom prepares for rapid growth across Africa with global network services from Epsilon

Leading East African carrier Wananchi Telecom has partnered with Epsilon to connect African customers to more than 170 countries around the world. Read More

Setback for BTCL IPO as workers cry broke

With the Privatisation of Botswana Telecommunications Corporation Limited privatisation nearing completion, employees claim they do not have the funds to buy the five percent of shares allocated to them. Read More

Nomanini takes Africa by storm using Google Cloud Platform

Nomanini, a Cape Town-based mobile point of sale service that specialises in facilitating cash payments in emerging markets, has successfully scaled into six countries across Africa in just four years, using Google’s Cloud Platform.  Read More

Airtel Kenya announces senior management appointments

Airtel Kenya has appointed Josee Cremieux and Dick Omondi as the new customer service director and corporate affairs director respectively.   Read More

Westcon Africa team expands

Westcon Southern Africa has appointed Brendan Mac Carron in the capacity of Communications and Security Account Manager for the Rest of Africa. Read More

Schneider Electric named Africa Best Employer Brand 2014

Schneider Electric Africa has been awarded the Africa Best Employer Brand Award for 2014/2015 at the annual “Employer Branding Awards (EBA). Read More

Challenges facing today’s CFO’s in driving profit across the African borders

The mode of doing business in Africa has changed and so has the role of the CFO, says SAP Africa. Read More

Cdiscount open for business in Cameroon

Cdiscount, a French e-commerce leader, has officially launched its subsidiary in Cameroon, hoping to change the face of e-commerce in this Central African nation. Read More

PRESS OFFICES

Sage ERP AfricaSAP AfricaSage Pastel AccountingTrust PayVMWareSamsung ElectronicsMitsumi DistributionPhoenix DistributionMTN BusinessSchneider ElectricMultichoiceMicrosoft 4Afrika

FEATURED STORY

UCC launches 2015 ACIA awardsUCC launches 2015 ACIA awards

Uganda has launched the fifth Annual Communications and Innovation Awards, which celebrate and foster ICT innovation and achievement.

IN DEPTH

Kenya’s digital TV battle hots up Kenya’s digital TV battle hots up

Kenya’s journey to Digital TV broadcasting took a new turn this week, when the Communication Authority of Kenya (CAK) accused three local media firms of intent to disrupt the process.

COMPANY NEWS

MTN to empower African businesses with AWS Direct Connect

MTN Group today announced it would be the first African company to offer Amazon Web Services (AWS) Direct Connect to business customers across multiple countries on the ...

“All Systems GO!” for the DStv Eutelsat Star Awards in Zambia

It’s “All Systems GO!” for the winners of the fourth edition of the DStv Eutelsat Star Awards to be announced at the awards ceremony in Lusaka, Zambia ...

Spectra Wireless, Microsoft 4Afrika launch first commercial TV white spaces services in Africa

University students will now get fast, affordable Internet bundles and receive zero-interest financing when purchasing a new device.