The Bank of Ghana (BoG) on Tuesday ordered the closure of Aero Cash forex bureau operated by two Nigeriens 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.
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
Latest Stories
-
Boost for education as government commissions 80 projects
4 mins -
NAPO commissions library to honour Atta-Mills’ memory
15 mins -
OmniBSIC Bank champions health and wellness with thriving community walk
17 mins -
Kora Wearables unveils Neo: The Ultimate Smartwatch for Ghana’s tech-savvy and health-conscious users
21 mins -
NDC supports Dampare’s ‘no guns at polling stations’ directive
24 mins -
Police officer interdicted after video of assault goes viral
41 mins -
KNUST’s Prof. Reginald Annan named first African recipient of World Cancer Research Fund
42 mins -
George Twum-Barimah-Adu pledges inclusive cabinet with Minority and Majority leaders
1 hour -
Labourer jailed 5 years for inflicting cutlass wounds on businessman
2 hours -
Parliament urged to fast-track passage of Road Traffic Amendment Bill
2 hours -
Mr Daniel Kofi Asante aka Electrician
2 hours -
Minerals Commission, Solidaridad unveils forum to tackle child labour in mining sector
2 hours -
Election 2024: Engagement with security services productive – NDC
2 hours -
Retain NPP for the good of Ghana – Rebecca Akufo-Addo
2 hours -
‘Let’s work together to improve sanitation, promote health outcome’ – Sector Minister urges
2 hours