Bank of Ghana lifts forex suspension on Access Bank Ghana

BUSINESS

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, 24^th 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 23^rd 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, 24^th 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.