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Bureau, Kafsons Forex Bureau, Fatcoms Forex Bureau, Nabrim Forex Bureau and Sears Forex Bureau, all in Accra, have been revoked.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
MTN Ghana goes live with 4G LTE in grand styleThe plush iconic MTN House, home to MTN Ghana’s operations came to a standstill on Tuesday, as the country’s telecom leader officially unveiled its latest 4G LTE services across the length and breadth of Ghana. Read More
NCR applauds Communications Ministry, NCA over DTT implementationGhana’s Network of Communications Reporters has applauded the Ministry of Communications and the National Communications Authority for working steadfastly towards the full implementation of the switch from analogue to digital terrestrial television (DTT). Read More
MTN Ghana Foundation promotes young technology entrepreneursMTN Ghana Foundation, in partnership with Ghana Multimedia Incubation Center (GMIC), has launched an ICT Business Incubation project aimed at supporting business incubation projects for fresh graduates in the ICT sector. Read More
Airtel, Tigo Ghana sanctioned in NCA 3G ReportGhana’s National Communication Authority has sanctioned Airtel and Tigo Ghana for failing to cover district capitals, including Karaga, Bimbilla and Wulensi, with a 3G network. Read More
Nigeria goes live with Bsystems Collateral Registry SystemNigeria has become the fourth country to roll onto the Collateral Registry System developed by Ghanaian technology solution firm Bsystems. Read More
Tigo Insurance pays 10,000th claimantTigo Ghana says it paid over GHS 6.2 million to policyholders since the inception of Tigo Insurance in 2010. This was revealed during the presentation of a payment to its 10,000th claimant. Read More
Uber signs MoU with Ghana’s Transport MinistryUber, a technology company that connects riders and drivers at the touch of a button, has signed a memorandum of understanding with Ghana’s Ministry of Transport. Read More
Vodafone Ghana committed to use technology to address critical health issuesThe new Chief Executive Officer of Vodafone Ghana, Yolanda Cuba, has reiterated Vodafone Ghana’s commitment to using technology to address critical health issues such as maternal and infant mortality in the country. Read More
Uber launches in AccraUber has officially launched its taxi app in Ghana’s capital city Accra. 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.