Bank of Ghana hits bank, forex bureaux
GHANA| 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Bureau, Kafsons Forex Bureau, Fatcoms Forex Bureau, Nabrim Forex Bureau and Sears Forex Bureau, all in Accra, have been revoked.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 GHANA NEWS
Telecom stakeholders advocate massive education on internet in GhanaDelegates at the West Africa Telecom Summit have heard that a staggering 65 per cent of Ghanaians do not know anything about the internet. Read More
The transformative power of affordable smartphones and unlimited data in GhanaSmartphones are helping transform their lives of ordinary people in Ghana, Reports Nana Appiah Acquaye. Read More
Microsoft, IICD launch employability hub in GhanaMicrosoft Ghana, in partnership with the International Institute for Communication and Development, has launched the TizaaWorks online platform, a one-stop online hub for employability and entrepreneurship. Read More
Significant improvements in network quality for Tigo customers on Accra-Takoradi routeFollowing the upgrade of its Microwave backbone between Accra and Takoradi telecom operator Tigo says its customers along the stretch will continue to enjoy a seamless connection every time there is a fibre cut. Read More
Airtel staff take to streets with ‘too much’ combo packsA team of staff and management of Airtel Ghana has embarked a rigorous concentrated market blitz to promote the company’s newly outdoored innovative product – “Too Much”. Read More
#DumsorMustStop: Ghanaian celebrities use social media to protest against erratic powerGhanaian celebrities used social media to galvanize an appreciable number of Ghanaians from all walks of life to stage a peaceful street demonstration in Accra at the weekend, against the current erratic power supply in the country. Read More
Ghana’s 800km fibre optic backbone commissionedGhana’s President John Dramani Mahama has commissioned an 800km Eastern Corridor Fibre Optic backbone which runs through 20 districts and over 120 towns and communities in Ghana. Read More
New MTN boss Ebenezer Asante starts work at MTN Ridge officeThe former Chief Executive Officer for MTN Rwanda Ebenezer Asante has started work on Friday as the new CEO of Ghana’s leading network operator MTN at its plush Ridge Head quarters in Accra. Read More
Tigo Ghana CEO 2nd on Sweden’s list of 75 young and promising womenThe CEO of Tigo Ghana limited, Roshi Motman, has been named as the second most young, promising and prominent female executive on Sweden’s tall list of 75 outstanding women. Read More
Government fails to lift 20% tax on smart phones in GhanaHopes are fading that the government of Ghana will scrap the 20 per cent tax on the importation of smart phones. Read More
FEATURED STORYThe transformative power of affordable smartphones and unlimited data in Ghana
Smartphones are helping transform their lives of ordinary people in Ghana, Reports Nana Appiah Acquaye.
BEST READ NEWS
IN DEPTHNIMC infrastructure must be managed by credible people: NIMC chief
NIMC’s chief speaks to Kokumo Goodie about the role of the NIMC and his own legacy.
COMPANY NEWSMicrosoft, IICD launch employability hub in Ghana
Microsoft Ghana, in partnership with the International Institute for Communication and Development, has launched the TizaaWorks online platform, a one-stop online hub for employability and entrepreneurship.