Bank of Ghana lifts forex suspension on Access Bank Ghana
BUSINESS| Sept. 25, 2012, 11:45 a.m.
By Nana Appiah Acquaye, Accra, Ghana
The Bank of Ghana has decided to lift the suspension of Access Bank Ghana Ltd. from engaging in foreign exchange business with effect from Monday, 24th September, 2012.
This follows a review of Access Bank’s compliance with the directives, internal control measures put in place to forestall the recurrence of the breaches as well as efforts being made to repatriate the proceeds of the illegal foreign exchange transferred. It could be recalled that the Bank of Ghana on 23rd July, 2012 imposed a six (6) month ban on Access Bank Ghana Limited, suspending it from undertaking foreign exchange business as a result of some violations of the Foreign Exchange Act 2006, (Act 723).
A statement issued and signed by the Public Relations Officer of Bank of Ghana, Esi Hammond, in Accra on Monday, noted that Bank of Ghana, having reviewed Access Bank’s compliance with the directives, internal control measures put in place to forestall the recurrence of the breaches as well as efforts being made to repatriate the proceeds of the illegal foreign exchange transferred, the Bank of Ghana has decided to lift the suspension of Access Bank Ghana Ltd. from engaging in foreign exchange business with effect from Monday, 24th September, 2012.
The statement however reminded all banks and licensed dealers in foreign exchange to comply strictly with the provisions of the Foreign Exchange Act 2006, (Act 723) and the accompanying Guidelines or face severe sanctions including prosecution.
MORE BUSINESS NEWS
MTN Business launches Supplier Development Programme in MpumalangaMTN Business has reaffirmed its commitment to develop small and medium-sized enterprises (SMEs) within Nelspruit by extending its Supplier Development Programme (SDP) and Accelerator Programme (AP), the company’s enterprise development initiatives, to the Mpumalanga Province of South Africa. Read More
VMware appoints Senior Vice President and GM of EMEAVMware, a global leader in cloud infrastructure and business mobility, today announced the appointment of Jean-Pierre Brulard as Senior Vice President and General Manager of EMEA. Read More
InfoGraphics chief urges investment in tech start-upsThe Managing Director of InfoGraphics Nigeria, Chinenye Mba-Uzoukwu, has urged wealthy Nigerians to invest in tech start-ups. Read More
Convergence Partners acquires stake in Nigerian Fintech firmConvergence Partners has announced an investment of $20m for a strategic, minority stake in Venture Garden Nigeria. Read More
MTN Business augments its management team further with key strategic appointmentMTN Business SA has appointed an industry veteran, Mariana Kruger, as General Manager of Private Sector. Read More
SA Competition Tribunal approves Telkom-BCX mergerBusiness Connexion Group Limited has announced that the Competition Tribunal of South Africa has approved the proposed merger between Business Connexion Group Limited ("BCX") and Telkom SA SOC Limited ("Telkom") with the imposition of conditions. Read More
Kenyan SACCOS riding on innovation to attract customersAs confidence in mainstream banks remains low due to prohibitive interest rates, customers are embracing Savings and Credit Cooperatives (SACCO) as an alternative. Read More
BITC invites ICT investorsThe Botswana Investment and Trade Centre (BITC) is casting its net wide to appeal to players in the Information Technology sector to invest in the country. Read More
Yudala ‘an unstoppable movement’The opening of Yudala outlets, combining an online shopping platform with retail stores, has been described as a game-changer in Nigeria. Read More
Travelport, TTS sign reseller agreement for Africa, Middle East and Asia Pacific regionTravelport and TTS have signed a sales and distribution agreement for TTS products in the Africa, Middle East, and Asia Pacific regions. Read More
FEATURED STORYYoung innovators shine during pitch sessions
Botswana saw an array of upcoming tech wizards selling their ideas during the Vendors’ Day pitch sessions this week.
BEST READ NEWS
IN DEPTHHigh tech homes: Just press play
High tech, digital homes where everything is automated and connected aren’t the stuff of science fiction any longer, says BNC Technology.