BoG Governor, Dr Ernest Addison
The Central Bank has directed all forex bureaux operating in the country to electronically capture all purchases and sale of forex and issue electronic receipts to cover same.
According to the Bank of Ghana (BoG), every customer must provide valid voter’s ID, passport or driver’s licence when engaging in forex transactions with forex bureaux.
In a statement issued yesterday and signed by Frances Van-Hein Sackey, Secretary to the BoG, the Central Bank said the move formed part of measures to enforce compliance by all licensed forex bureaux with the Forex Bureau Regulations in accordance with the Foreign Exchange Act, 2006 (Act 723), and the provisions of the Anti-Money Laundering Act, 2008 (Act 749) as amended.
“All licensed forex bureaux must submit the required monthly returns electronically to the Bank of Ghana (BoG) within five working days after the end of the month.
“All licensed forex bureaux must complete and submit a licence renewal questionnaire two months before the expiration of the current licence. The questionnaire must be submitted together with the following attachments: copy of tax clearance certificate, copy of insurance certificate, extract of audited accounts, bank statements, proof of filing of annual returns at the Registrar General’s Department.
It further called on all licensed forex bureaux to comply with the provisions of the Data Protection Act, 2012 (Act 843) and register with the Data Protection Commission of the Ministry of Communication as a key requirement for annual licence renewal.
“Any person found transacting business with an unlicensed forex bureau or illegal forex dealers shall be dealt with in accordance with the laws of Ghana. Failure to comply with this notice shall attract penalties, including pecuniary sanctions, suspension and revocation of licence in accordance with the Foreign Exchange Act 2006, (Act 723).”
By Samuel Boadi