The Bank of Ghana (BoG) has revoked the licences of two forex bureaux for breaching foreign exchange laws.
They are Trade House Forex Bureau Limited, located at the Marina Mall and Airport City Forex Bureau Limited, located within the Atlantic Tower building.
The two entities failed to comply with rules governing the operations of foreign bureaux, including directives on customer identification and issuance of electronic receipts.
The revocation of the licences is in accordance with the provisions of Sections 11 (1) and 12 (f) of the Foreign Exchange Act 2006 (723).
According to the Head of Other Financial Institutions Supervision Department at the Bank of Ghana, Yaw Sarpong, the exercise targeted at ensuring sanity in the forex market is expected to continue across the capital city, Accra, in the Greater Accra region.
“These two forex bureaus are under the same ownership, and if you can remember a few weeks ago, we issued a warning to them. They have been found not complying with the foreign exchange laws,” he revealed.
Mr Sarpong further indicated that officials from the central bank would soon descend on those operating within the ‘black market’ to clamp down on their activities.
“We are not done. We will continue clamping down on activities of those operating within the black market in the coming days,” he added.