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BoG Revokes Licenses of 2 Popular Forex Bureaus

Dr. Ernest Addison – Governor Bank of Ghana 

 

Report coming in indicates that the Bank of Ghana (BoG) has revoked the license of the Airport City Forex Bureau within the Atlantic Tower building and Trade House Forex Bureau Ltd, a popular forex bureau at the Marina Mall in Accra.

 

The closure, according to Citi Fm was as a result of the failure of the operators to issue receipts which breaches the Foreign Exchange laws in the country.

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The two forex bureaus are under the same ownership and were detected by a mystery shopping exercise by the central bank.

 

Confirming the revocation, the Head of Other Financial Institutions Supervision department of the Central Bank, Yaw Sarpong, noted that they were not issuing electronic receipts and not requesting valid proof of identity.

 

He explained that the “two bureaus on several occasions have been found not to be complying.”

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“The way they set their prices are detrimental and we think that the licenses of the two bureaus have to be revoked,” he added.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Source: DGN

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