Bank of Ghana to revoke the licences of 34 forex bureau operators for regulatory breaches

The Bank of Ghana (BoG) says it will revoke the licences of some 38 forex bureaus operators across the country for various regulatory breaches.

Bank of Ghana to revoke the licences of 34 forex bureau operators for regulatory breaches

The central bank said this in a notice it sent to the Ghana Association of Forex Bureau.

According to the BoG, it had noted that 34 forex bureau operators in the country do not adhere to the regulations given to them.

“The bank has noted with grave concern the level of regulatory breaches and non-compliance with the directives of the Bank,” the statement said.

The breaches, the Head of ‘Other Financial Institutions Supervision Department’ of BoG, Bernard Ato Otabil who signed the notice indicated included non-submission of monthly prudential reports, non-renewal of the operating licence, non-submission of annual audited accounts, unsatisfied on-site reports as well as those which have not been operating for over two years.

The bank has hence given May 15, 2019, as the deadline for the affected forex bureau operators to immediately take steps to resolve all regulatory requirements.

JOIN OUR PULSE COMMUNITY!

Eyewitness? Submit your stories now via social or:

Email: news@pulselive.co.ke

Recommended articles

Amazing transformation of 21-year-old man bullied for being born different (video)

Amazing transformation of 21-year-old man bullied for being born different (video)

Abel Mutua's movie makes over Sh4M in 5 days

Abel Mutua's movie makes over Sh4M in 5 days

Sh79,000 per month jobs for Kenyans without degrees

Sh79,000 per month jobs for Kenyans without degrees

How Janet Mbugua's husband Eddie landed Sh240 million deal with Chinese investors

How Janet Mbugua's husband Eddie landed Sh240 million deal with Chinese investors

5 things you should never do to please a woman

5 things you should never do to please a woman

British MP claims she didn't know her flat was owned by the Kenyatta family

British MP claims she didn't know her flat was owned by the Kenyatta family

Janet Mbugua's husband thrown at the centre of nasty fight at Ole Sereni Hotel [Video]

Janet Mbugua's husband thrown at the centre of nasty fight at Ole Sereni Hotel [Video]

Tiwa Savage breaks silence after her raunchy tape leaked online [Screenshot]

Tiwa Savage breaks silence after her raunchy tape leaked online [Screenshot]

5 ways to have more mind-blowing sex in your relationship

5 ways to have more mind-blowing sex in your relationship