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Bureau, Kafsons Forex Bureau, Fatcoms Forex Bureau, Nabrim Forex Bureau and Sears Forex Bureau, all in Accra, have been revoked.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

Dimension Data announces Wirelessco

Dimension Data MEA is to launch a new company, WirelessCo, which will build and operate an open access carrier-grade WiFi network.   Read More

UBA, ATI collaborate to boost regional and international trade

United Bank for Africa (UBA) has entered into a partnership with the African Trade Insurance Agency (ATI) to ease the flow of credit to clients engaging in regional and international trade. Read More

3rd Startup Knight competition to take place in SA

Byte Orbit has launched the third edition of its annual Startup Knight competition, which the company says aims to empower aspiring tech entrepreneurs in South Africa and offers the winner ZAR250,000 (US$22,000) in prizes.   Read More

Global smartphone shipments to reach 1.2bn this year

The number of smartphone shipments will approach 1.2bn this year, an increase of 19% from 985m in 2013, says a new report. Read More

ITC urges governments to increase public procurement from women vendors

The International Trade Centre (ITC) has launched an initiative to increase the number public procurement contracts being awarded to women-owned businesses. Currently only an estimated 1% of public-procurement contracts globally are awarded to WOBs or women entrepreneurs.    Read More

Orange launches start-up accelerator programme in Ivory Coast

With “Orange Fab Ivory Coast” and “Fab Israel”, Orange’s network of start-up accelerators is now present on four continents.  Read More

Safaricom shareholders agree yuMobile buyout

Shareholders of Kenya’s leading telecom Safaricom voted in favour of the company’s acquisition of the network, IT and infrastructure of smaller rival yuMobile at the firm’s annual general meeting (AGM), meaning the deal now only requires regulatory approval to proceed. Read More

TLcom achieves second profitable African exit of 2014 with Movirtu sale

Venture capital firm TLcom Capital (TLcom) has announced its second profitable exit in Africa this year with the sale for an undisclosed fee of virtual identity solutions provider for mobile operators Movirtu to BlackBerry. Read More

Why CWG is re-strategising

Tayo Oduwole, James Agada, Bature Umar Masari, Austin Okere, and Nasiru Izegwire Nigeria’s Computer Warehouse Group (CWG Plc) is re-strategising to take the company in a different direction. Read More

Green accelerator programme launched in Kenya

Impact Amplifier, Growth Africa, VC4Africa and Hivos have joined forces to launch an accelerator programme for green entrepreneurs, looking to help these entrepreneurs scale their innovations across Africa. Read More

PRESS OFFICES

Sage ERP AfricaSAP AfricaSage Pastel AccountingTrust PayVMWareSamsung ElectronicsMitsumi DistributionPhoenix DistributionSage HR AfricaMTN BusinessSchneider ElectricMultichoice

FEATURED STORY

MFarmer SMS redefines market access for Ugandan farmersMFarmer SMS redefines market access for Ugandan farmers

Ugandan smallholder farmers are benefitting from an ambitious innovative ICT mobile phone initiative that offers weather reports and up-to-date market information about changes in prices for agricultural commodities, thus granting them lucrative returns from their farming ventures. 

IN DEPTH

iProcure delivers inputs to farmers’ doorsteps using ICTsiProcure delivers inputs to farmers’ doorsteps using ICTs

An innovation dubbed iProcure is already being used by several agro input firms which are now relying on it to distribute their products to farmers. 

COMPANY NEWS

Schneider Electric signs exclusive off-grid solar distribution agreement with Zimbabwean firm

Schneider Electric has announced the signing of an exclusive agreement with Samansco, a Zimbabwean renewable energy, back-up power and appropriate technology company.

SAP Innovation Helps The Global Fund Fight AIDS, TB and Malaria in Africa

Extending a longstanding partnership, SAP is a founding member of The Global Fund’s new Innovation Coalition to support disease prevention and treatment.