The Bank of Ghana (BoG) has revoked the licences of Airport City Forex Bureau within the Atlantic Tower Building and Trade House Forex Bureau at the Marina Mall in the Greater Accra Region

According to the BoG, the licences of the two firms were revoked following on-compliance with rules governing the operations of foreign exchange bureaus including a directive on customer identification and issuance of electronic receipts.

The head of the Other Financial Institutions Supervision Department at the BoG, Yaw Sapong, said the exercise targeted at ensuring sanity in the forex market is expected to continue across the capital city, Accra in the Greater Accra Region.

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

Sarpong noted that the firms were not issuing electronic receipts and not requesting valid proof of identity.

“The two bureaus on several occasions have been found not to be complying.”

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

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