BoG revokes licences of 2 forex bureaus for breaching foreign exchange laws

The Bank of Ghana has revoked licences of Airport City Forex Bureau within the Atlantic Tower Building and Trade House Forex Bureau at the Marina Mall in the Greater Accra region.

The closure of these forex bureaus follows failure by the operators to desist from issuing receipts as well as breaching the foreign exchange laws.

According to the Head of Other Financial Institutions Supervision Department at the Bank of Ghana, Yaw Sapong, the exercise targeted at ensuring sanity in the forex market is expected to continue across the capital city, Accra in the Greater Accra region.

These two forex bureaus are under the same ownership and if you could remember few weeks ago we issued warning to them. They have been found not complying with the foreign exchange laws”.

Sapong further indicated that officials from the Central Bank will soon descend on those operating within the ‘black market’ to clamp down on their activities.

We are not done. We will continue clamping down on activities of those operating within the black market in the coming days”.

Some market watchers believe the move by the Central Bank is as a result of the fast depreciation of the cedi in which the regulator has blamed on the forex operators.