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Wednesday 23 June 2021
HomeAfricaAccess Bank Ghana suspended from forex transactions

Access Bank Ghana suspended from forex transactions

Ghana’s central bank has suspended Access Bank Ghana Limited from engaging in foreign exchange business for six months for breaching the country’s foreign exchange laws.

The Bank of Ghana has also taken action against five foreign exchange bureau for a number of irregularities in the conduct of foreign exchange transfers.

A statement by the Bank of Ghana Tuesday said Access Bank Ghana Limited engaged in the externalisation 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 central bank said.

“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,” the apex bank said.

The statement said the operating licences of the five bureaux, namely, Ocean Drive Forex Bureau, Kafsons Forex Bureau, Fatcoms Forex Bureau, Nabrim Forex Bureau and Sears Forex Bureau, all in Accra, had been revoked.

It said 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 Bank of Ghana advised all banks and licensed dealers in foreign exchange to strictly abide by the provisions of the Foreign Exchange Act or face stiff sanctions, including prosecution.

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