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Foreign exchange

BOG revokes license of two popular forex bureaux in Accra

The Airport City Currency Bureau, located in the Atlantic Tower building, and Trade House Forex Bureau Ltd., a well-known forex bureau near the Marina Mall, have had their licenses withdrawn by the Bank of Ghana.

The operators' refusal to provide receipts and violations of local regulations governing foreign exchange led to the closure.

The central bank used a mystery shopping operation to find the two forex bureaus, which are owned by the same person.

In a statement to the media in Accra on Thursday, October 27, the head of the BoG's department responsible for overseeing other financial institutions, Yaw Sarpong, said, "The Bank of Ghana today decided to withdraw the licenses of Airport City Forex bureaux and Trade House Forex bureaux.

According to Mr. Sarpong, "the two bureaus have been found not to be compliant on numerous occasions."

He stated, "We think the licenses of the two bureaus should be terminated since the way they establish their rates is detrimental.

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Airport City Currency Bureau Atlantic Tower Bank of Ghana Trade House Forex Bureau Ltd Yaw Sarpong


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