Bank of Ghana lifts forex suspension on Access Bank Ghana
BUSINESSBy BiztechAfrica - 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
PwC investment to accelerate African growth opportunitiesPwC is increasing its investment in Africa and building closer links between PwC UK and PwC Africa, to meet increased demand for professional services as trade activity between the two regions grows. Read More
Kouros Capital Group announces multi-billion Nigerian investment planKouros Capital Group Limited (KCG) has announced that it is making immediate arrangements to bring into Nigeria substantial investment funding, for projects in telecommunications, agriculture, banking, oil and gas and aviation sectors. Read More
Samsung to open TV manufacturing plant in SASamsung Electronics South Africa announced its plan to open a television manufacturing plant in The Dube Trade Port, Durban by end of this year. Read More
Econet rejects base station reportEconet Wireless has released a statement refuting recent media reports around its importation of base stations. Read More
Nigeria: potential to become major economic forceA new McKinsey report finds that Nigeria has the potential to expand its economy by roughly 7.1 percent per year through 2030. Read More
Call for pan-African contact centre associationInteractive Intelligence has called for the creation of a call centre association for Nigeria and other African countries as a way of promoting a standard for call centres. Read More
AMI, Strathmore launch free online courses for managers and entrepreneurs in AfricaManagers and entrepreneurs in Africa can now gain advanced skills for free, with the launch of free online courses courtesy of the African Management Initiative (AMI). Read More
Bytes, NCR and Barclays in ATM dealBytes Managed Solutions, the exclusive distributor of NCR technology solutions in Southern Africa had signed a deal with Barclays Bank of Botswana (BBB) for the installation of intelligent cash deposit ATMs. Read More
Orange reports 8% revenue growthIntegrated telecommunications service provider Orange has announced an 8% revenue growth for the overall business for the first half of this year, compared to the same period last year. Read More
FEATURED STORYWidening ICT skills gap: Cause for concern
Nigeria's FDI gains could be eroded by the widening gap in indigenous skilled ICT manpower, writes Kokumo Goodie.
BEST READ NEWS
IN DEPTHKenya rolls out e-extension to improve agriculture
In a bid to curb the overwhelmed number of agricultural extension officers in Kenya, the ministry of agriculture is embracing technology with their introduction of E-Extension services, which are aimed at reaching out to over 7 million farmers annually.