BoG threatens to revoke licenses of nearly 40 forex operators

The Bank of Ghana (BoG) is threatening sanction against some 38 forex bureaus operating across the country, for various regulatory breaches.

In a strongly-worded April 29 notice to the Ghana Association of Forex Bureau, the Central Bank said it had “noted with grave concern the level of regulatory breaches and non-compliance with the directives of the Bank.”

The breaches BoG indicated include non-submission of monthly prudential reports, non-renewal of the operating license, non-submission of annual audited accounts, unsatisfied on-site reports as well as those which have not been operating for over two years.

The notice signed by the Head of ‘Other Financial Institutions Supervision Department’ of BoG, Bernard Ato Otabil, gave a May 15 deadline for the affected forex bureau operators to immediately take steps to resolve all regulatory requirements.

Those who fail to do so by the stated deadline risk having their forex bureau licenses revoked, it warned.