Bog Clamps Down On Defaulting Forex Bereaus

Indicted forex bereaux operators have up to the close of next week May 15 to satisfy all regulatory requirements by the Bank of Ghana or face closure.

 The Bank of Ghana (BoG) issued the threat against 38 forex bureaus operating across the country, for various regulatory breaches.

In a strongly-worded notice to the Ghana Association of Forex Bureau, the Central Bank said it had “noted with grave concern the level of regulatory breaches and non-compliance with the directives of the Bank.”

The breaches BoG indicated include non-submission of monthly prudential reports, non-renewal of the operating license, non-submission of annual audited accounts, unsatisfied on-site reports as well as those which have not been operating for over two years.

The letter signed on behalf of the Head of ‘Other Financial Institutions Supervision Department’ of BoG, by Bernard Ato Otabil, gave a May 15 deadline for the affected forex bureau operators to immediately take steps to resolve all regulatory requirements.



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