The Asokwa Circuit Court 2 in Kumasi has sentenced Senyah Poku and Yaa
Serwaa of Senyah Poku Enterprise, an unlicensed foreign exchange bureau
operating in Patase, Kumasi, to a fine of six hundred penalty units equivalent to
GH¢7,200.00 each.
The convicted persons pleaded guilty to charges of “Conspiracy to Engage in the
Business of Dealing in Foreign Exchange Without Licence” and “Engaging in the
Business of Dealing in Foreign Exchange Without Licence.”
Background
The Ashanti Regional Police Command, Kumasi, in collaboration with the Other
Financial Institutions Supervision Department (OFISD) and the Security
Department of the Bank of Ghana investigated and arrested four persons dealing in foreign exchange without approval and a licence from the Bank.
The undercover investigation began on October 29,2023 and concluded on
December 3, 2023.
The other suspects awaiting trial are Adam Isak and Alhassan Nuhu of Macowasi Forex Bureau, another unlicensed foreign exchange bureau also operating on the KNUST Campus, Kumasi.
The OFISD in conducting supervisory duties in Kumasi, detected certain
anomalies in the Foreign Exchange (FX) market and their effective work and
preliminary intelligence gathering, led them to several illegal/parallel foreign
exchange market operators in the Kumasi area.
Foreign Exchange Laws
Ghana’s foreign exchange market is regulated by the Foreign Exchange Act 2006, Act 723. The Act cloaks the Bank of Ghana with all licensing, supervisory and regulatory authority.
According to Section 3(1) of the Foreign Exchange Act, 2006, Act 723, “A person
shall not engage in the business of dealing in foreign exchange without a licence issued under this Act.”
Section 29(1)(a) of the Act further states that “A person who engages in the
business of dealing in foreign exchange without a licence commits an offence
and is liable on summary conviction to a fine of not more than seven hundred
penalty units or a term of imprisonment of not more than eighteen months or
both.’’
According to the Bank of Ghana, dealing in foreign exchange without approval
or a licence is a punishable offence under the Foreign Exchange Act 2006, Act 723.
The Bank has consistently issued a strong caution to the general public to desist
from engaging the services of foreign exchange businesses operating without a
licence.
The Central Bank has published on its website all registered financial
institutions and urges the public to patronize and undertake business with only institutions licensed by the Bank.