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
FNB, PayPal bring global eCommerce to BotswanaFirst National Bank (FNB) has announced it will be extending the partnership between FNB and PayPal to offer the PayPal Withdraw Service, previously available only in South Africa, in Botswana. Read More
Survey: businesses have less than two years to make digital inroadsProgress has announced the results of its recent global survey: "Are Businesses Really Digitally Transforming or Living in Digital Denial?" Read More
Gartner: profit opportunities exist for PC vendorsThe worldwide PC market registered one of its lowest quarterly growth rates in the first quarter 2016, but Gartner, Inc. said several profit opportunities exist for PC vendors. Read More
MTN Business makes headway to be an ICT Partner of ChoiceMTN Business, the enterprise business unit of MTN SA, plans to focus on three key areas in a bid to become the ICT partner of choice, namely, getting the basics right, accelerating growth and diversifying its revenue streams. Read More
MTN Ghana celebrates 20 years of operations in GhanaMTN Ghana has unveiled its 20th Anniversary logo at a grand ceremony held at the iconic MTN House in Accra to officially mark the 20 years of operations in the country. Read More
Copy Cat bets on innovation to grow market shareKenyan technology company Copy Cat Group is implementing a new transformational strategy to increase its market share in the ICT market. Read More
Infrastructure investments highlight bright spots for SSA economic diversificationThe commodity super cycle may have ended, but there are certainly bright spots for investors across sub-Saharan Africa, IHS has told the World Economic Forum on Africa. Read More
Africa’s CEOs look to innovation and technology to stimulate growthCEOs in Africa are ramping up their efforts to innovate and find new ways to do business on the continent, according to PwC’s Africa Business Agenda released at the 26th World Economic Forum on Africa in Kigali. Read More
4th Africa Business Forum to be staged in EthiopiaRegistration is open for the 4th Africa Business Forum to be held on Wednesday, June 1st, 2016 at the Sheraton Hotel, Addis Ababa, Ethiopia, East Africa. Read More
Airtel divests telecoms tower assets in DRC to Helios Towers AfricaBharti Airtel International and Helios Towers Africa have announced an agreement for the divestment of approximately 950 telecoms towers in the DRC from Airtel to Helois Towers Africa. 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.
COMPANY NEWSEnhancing your security posture to fight new ransomware threats
Petya ransomware is proving to be one of the top cybersecurity stories of 2016.Arbor stops malware in its tracks
There is always a substantial amount of banking trojan activity taking place, however, recent developments have intensified the threat landscape.