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RADP / Pulse Ghana > BI > Finance

Bank of Ghana to revoke the licences of 34 forex bureau operators for regulatory breaches

Berlinda Entsie

May 2, 2019 5:26 PM

The Bank of Ghana (BoG) says it will revoke the licences of some 38 forex bureaus operators across the country for various regulatory breaches.

Bank of Ghana to revoke the licences of 34 forex bureau operators for regulatory breaches

The central bank said this in a notice it sent to the Ghana Association of Forex Bureau.

According to the BoG, it had noted that 34 forex bureau operators in the country do not adhere to the regulations given to them.

“The bank has noted with grave concern the level of regulatory breaches and non-compliance with the directives of the Bank,” the statement said.

The breaches, the Head of ‘Other Financial Institutions Supervision Department’ of BoG, Bernard Ato Otabil who signed the notice indicated included non-submission of monthly prudential reports, non-renewal of the operating licence, non-submission of annual audited accounts, unsatisfied on-site reports as well as those which have not been operating for over two years.

The bank has hence given May 15, 2019, as the deadline for the affected forex bureau operators to immediately take steps to resolve all regulatory requirements.