BoG revokes license of two forex bureaus in Accra

The Bank of Ghana (BoG) on Thursday, October 27, 2022, revoked the licenses of two forex bureaus in Accra.

Airport City Forex Bureau and Trade House Forex Bureau Ltd were the affected forex bureaus.

According to the Head of Other Financial Institutions Supervision Department of the Central Bank, Yaw Sarpong, the two forex bureaus breached the foreign exchange laws of the country.

“Two bureaus on several occasions have been found not to be complying,” he told CitiNews.

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

Mr Sarpong said that the two forex bureaus were not issuing electronic receipts, as well as not requesting valid proof of identity.

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This was detected when the central bank embarked on a mystery shopping exercise.