BoG revokes license of two popular forex bureau

The Bank of Ghana has revoked the license of the Airport City Forex Bureau within the Atlantic Tower building and Trade House Forex Bureau Ltd, a popular forex bureau at the Marina Mall.

The closure follows the failure of the operators to issue receipts and the breaching of Foreign Exchange laws in the country.

The two forex bureaux are under the same ownership and were detected by a mystery shopping exercise by the central bank.

The Head of Other Financial Institutions Supervision department of the Central Bank, Yaw Sarpong, noted that they were not issuing electronic receipts and not requesting valid proof of identity.

Mr. Sarpong said the “two bureaux on several occasions have been found not to be complying [with the laid down regulations].”

“The way they set their prices are detrimental and we think that the licenses of the two bureaux have to be revoked,” he added.