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Bureau, Kafsons Forex Bureau, Fatcoms Forex Bureau, Nabrim Forex Bureau and Sears Forex Bureau, all in Accra, have been revoked.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

Ringier Africa and Asia Pacific get new structure and leadership

Ringier is restructuring its international market set-up for the beginning of the new year, with four dedicated teams established for each of the African business models.  Read More

Travelstart secures strategic partnership with MTN

Amadeus, the global technology investor, has announced a $40m investment in Travelstart in partnership with MTN, Africa’s leading mobile and digital life services operator.  Read More

VMware appoints new Regional Director of SSA

VMware has announced the appointment of Matthew Kibby as regional director of Sub-Saharan Africa (SSA). Read More

More than 700 delegates at Sage’s first African Business Partner Conference in South Africa

Sage’s first African Business Partner Conference in SA marks a milestone in Sage’s journey towards becoming the global market leader for integrated accounting, payroll and payment systems. Read More

SweepSouth secures funding from top SA Venture Capitalists

Vumela Fund has backed online home cleaning services platform SweepSouth. Read More

Smarter use of digital skills, tech, could boost global economy by $2 Trillion: Accenture

Optimizing the use of digital skills and technologies could generate $2 trillion of additional global economic output by 2020, according to a new study by Accenture. Read More

Ghana’s real estate industry to benefit from MLS database

Real Estate Professionals in Ghana will soon have access to a new Multiple Listing Services (MLS)  designed to relieve them of the stress of listing properties.  Read More

Online shop Dakika launches in Kenya

Dakika online, a Kenyan owned e-commerce platform, has launched its operations in Kenya to offer a stress free shopping experience to online shoppers across the country. Read More

Chinese tech firm Konka opens shop in Nigeria

Another Chinese technology firm, Konka Telecoms of China, yesterday opened shop in Nigeria with a pledge to deepen competition in the mobile phone market and give customers opportunities to experience the cutting edge technology associated with its products. Read More

Orange to acquire Airtel’s subsidiaries in Burkina Faso and Sierra Leone

Orange and Bharti Airtel International (Netherlands) BV have signed an agreement leading to Orange’s acquisition of Airtel’s operations in Burkina Faso and Sierra Leone. Read More

PRESS OFFICES

Sage EnterpriseSAP AfricaSage Pastel AccountingTrust PayVMWareSamsung ElectronicsMitsumi DistributionPhoenix DistributionMTN BusinessSchneider ElectricMultichoiceMicrosoft 4AfrikaNetworks Unlimited

FEATURED STORY

Viber Spreads Good Vibes in Africa with the introduction of public chats Viber Spreads Good Vibes in Africa with the introduction of public chats

Viber, one of the leading messaging and calling apps with more than 664 million unique users worldwide, has opened its latest social channel ‘Public Chats’ to partners in Africa and the Middle East. 

IN DEPTH

Poised for greater heights – Roshi Motman, AfricaCom CEO of the Year WinnerPoised for greater heights – Roshi Motman, AfricaCom CEO of the Year Winner

Roshi Motman is not your average CEO. Since taking up the reins as the first female CEO of Tigo Ghana in 2014, she has led the Tigo brand through a remarkable transformation.