BoG orders closure of ‘illegal’ forex bureau

BoG orders closure of ‘illegal’ forex bureau
Source: Ghana | Ebenezer Sabutey | JoyBusiness
Date: 08-10-2019 Time: 04:10:28:pm

The Bank of Ghana (BoG) on Tuesday ordered the closure of Aero Cash forex bureau operated by two Nigerians in Dzorwulu, Accra.

This is due to failure by the operators to provide relevant documents to the Bank of Ghana to ascertain the legality of their operations.

A team from the Other Financial Institutions Supervision Department of the Bank of Ghana, on routine checks, realised that the operating license of the forex bureau had expired.
The forex bureau also changed location without prior notice and approval by the Central bank and operating without residential and work permit.

Head of the operations, Adjoa Konadu Torto ordered the operators to shut the business immediately and report to the Bank of Ghana Wednesday morning for further investigations and action.

JoyBusiness has gathered that the Forex bureau apart from the above infractions also refused to take data of daily transactions as prescribed by law.

"We have found out that the Forex bureau is operating illegally, the operators are not known to the Bank of Ghana and there are other non-compliant issues which we are hopeful to unravel as the investigation goes on; but at this moment, they must close down," Adjoa Konadu Torto told JoyBusiness.

One of the Directors of the forex bureau, Alhassan Nurudeen promised to work with the BoG by honouring the invitation.

Tuesday’s operation is part of the efforts by the central bank to regulate the flow of foreign currency in the country and also to ensure that the country's financial laws are obeyed.
The team continued to some real estate operators that were also pricing in foreign currency to enforce the law.