Bank of Ghana acts on foreign exchange offences – sanctions Access Bank, five forex bureaux
The Bank of Ghana has exercised its regulatory powers by sanctioning a commercial bank and five forex bureaux for flouting the foreign exchange regulations of the country – the Foreign Exchange Act, 2006, Act 723.
The central bank has suspended Access Bank Ghana Limited from engaging in foreign exchange business for a period of six months and the operating licences of the forex bureaux have been revoked.
In a press release issued today July 23, 2012 and copied to ghanabusinessnews.com, the Bank says Access Bank was penalised for engaging in the externalization of various sums in favour of a company which had no account relationship with the bank and, in another instance, in favour of a company without any documentation. The transfers were made without the documentation required by the Foreign Exchange Act and Guidelines.
“The Bank of Ghana has therefore decided to suspend Access Bank Ghana Limited from engaging in foreign exchange business for a period of six months,” it says.
The five bureaux whose licences have been revoked are, Ocean Drive Forex Bureau, Kafsons Forex Bureau, Fatcoms Forex Bureau, Nabrim Forex Bureau and Sears Forex Bureau all located in Accra.
The bureaux purchased huge sums of foreign exchange from banks for onward sale to clients but failed to record these purchases in their books and also did not include the information in the returns submitted to the Bank of Ghana, thereby concealing the end use of such funds, the central bank says.
By Emmanuel K. Dogbevi