Dr. Johnson Asiama, BoG Governor
The Bank of Ghana (BoG) has announced an upward review of the biennial licence renewal fee for Foreign Exchange Bureaux (FEBs) from GH¢800 to GH¢2,000, effective immediately.
In a statement, the central bank said the adjustment forms part of ongoing regulatory reforms aimed at strengthening oversight, improving compliance, and ensuring the long-term sustainability of operations within the foreign exchange sector.
The BoG explained that all licensed bureaux are required to renew their operating licences every two years, no later than two months before the expiry of their existing licences.
This requirement is in line with Section 10 of the Foreign Exchange Act, 2006 (Act 723) and Paragraph 8 of the Bank of Ghana Notice No. BG/GOV/SEC/2003/2 under the revised Forex Bureau Regulations.
The new fee structure, according to the BoG, reflects the need to align the regulatory cost framework with current economic realities and to support enhanced supervision of the foreign exchange market.
The central bank has therefore urged all Foreign Exchange Bureaux to comply with the revised fee schedule and to contact the Licensing and Approvals Office of the Other Financial Institutions Supervision Department for further clarification.
By Florence Asamoah Adom