Managing Director of CAL Bank Limited, Frank Adu Jnr The Managing Director of CAL Bank Limited, Frank Adu Jnr, has urged stakeholders in the financial sector to support the Bank of Ghana as it cleans the sector.
The Bank of Ghana, last week sent out a notice, strongly indicating that it will punish persons, companies or institutions dealing in the foreign exchange business without authorization from the bank.
Speaking to Citi Business News about the Central Banks’ efforts to sanitize Ghana’s Foreign Exchange market, Mr. Adu Jnr said it was important for all stakeholders including the general public to support the Bank of Ghana’s efforts at strengthening the local currency.
“Let’s support the Governor to achieve what he has set out in front of him as well as what the law says. But the thing is that for any law to be effective you must have the right structures in place. If you don’t have the right structures in place then the laws are just laws.”
The legal tenders in Ghana are the Cedi and Pesewa
The BoG in its recent notice warned that the Foreign Exchange Act, 2006 (Act 723) prohibits the pricing, advertising and receipt or payment for goods and services in foreign currency in Ghana.
The Central Bank thus reminded the general public and the business community that the sole legal tender in Ghana is the Ghana Cedi and Ghana pesewa.
38 forex bureaux face closure by Bank of Ghana
The Bank of Ghana at the beginning of May, 2019 threatened to close down forex bureaus that were not complying with its operational regulations. In a letter sent to the Forex Bureaux Association and sighted by Citi Business News, the BoG named 38 forex bureaus that were not complying with the central bank’s regulations.
The affected 38 forex bureaux are in the Greater Accra Region, Ashanti and the Northern regions. Twenty-eight are in located in various places in Accra including, Adabraka, New town, Zongo Junction and Kaneshie. Nine are in Kumasi specifically Adum and Suame and one in Tamale.
They have been cited for non-compliance of various regulations including non-renewal of licenses, failure to submit audited accounts, failure to submit monthly financial reports and failure to operate within a period of 2 years. Some were also cited for failure to check the IDs of individuals who did business with them.Per the Bank of Ghana Forex Bureau Regulations issued in accordance with the […]