Business News

BoG orders closure of ‘illegal’ forex bureau

Source: Myjoyonline.com

The Bank of Ghana (BoG) on Tuesday ordered the closure of the 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, realized 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 permits.

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 honoring 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.

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Paul Mensah Makiso Dalibabu

I am a versatile Journalist, News Editor at My News Ghana, Technology Entrepreneur and Motivational Speaker. I believe my work as a Journalist,Entrepreneur and Motivational Speaker are calls and I do them with PASSION, thereby live up to the ethical standards of the professions. Am also known by friends as Paul Lingual. Contact me(paulmensahdalibabu@gmail.com)

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