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Tuesday, July 24, 2012
BANK OF GHANA SANCTIONS ACCESS BANK GHANA LTD AND FIVE FOREX BUREAUX FOR BREACHES OF THE FOREIGN EXCHANGE ACT, 2006, ACT 723
The Bank of Ghana has decided
to take action on a number of irregularities in the conduct of foreign exchange
transfers by a bank and a number of forex bureaux.
Access Bank Ghana Limited
engaged 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.
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,
have been revoked. 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 takes
this opportunity to advise all banks and licensed dealers in foreign exchange
to strictly abide by the provisions of the Foreign Exchange Act 2006, Act 723 or
face stiff sanctions, including prosecution.