Bank of Ghana lifts Access Bank’s six-month forex trade suspension

The Bank of Ghana (BoG) today announced September 24, 2012 that it has lifted the suspension of Access Bank Ghana from engaging in foreign exchange business.

In a statement, the BoG, said “Having reviewed Access Bank’s compliance with the directives, internal control measures put in place to forestall the recurrence of the breaches as well as efforts being made to repatriate the proceeds of the illegal foreign exchange transferred, the Bank of Ghana has decided to lift the suspension of Access Bank Ghana Ltd. from engaging in foreign exchange business.”

The central bank on July 23, 2012 imposed a six (6) month ban on Access Bank Ghana Limited, suspending it from undertaking foreign exchange business as a result of some violations of the Foreign Exchange Act 2006, (Act 723).

Access Bank can now engage in the foreign exchange business with “effect from Monday September 24, 2012,” according to the BoG statement.

The BoG reminded all banks and licensed dealers in foreign exchange to comply strictly with the provisions of the Foreign Exchange Act 2006, (Act 723) and the accompanying Guidelines or face severe sanctions including prosecution.

By Ekow Quandzie