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Bank of Ghana orders the closure one forex bureau company being operated by Nigerians, here’s why

The Bank of Ghana (BoG) has ordered the closure of a forex bureau company in the country.

Bank of Ghana orders the closure one forex bureau company being operated by Nigerians, here’s why

The company, Aero Cash forex bureau, according to the BoG, is being operated by two Nigerians in Dzorwulu, Accra.

The Head of Forex Bureau Examinations and Other Financial Institutions at the central bank, Adjoa Konadu Torto made the order following a routine check in the forex bureau companies in the country.

According to her, the move was due to failure by the operators to provide relevant documents to the Bank of Ghana to ascertain the legality of their operations.

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She added the BoG realised that the operating licence 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.

The Forex bureau apart from the above infractions, she added, 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," she said.

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