Full list of forex bureaus in Ghana.

Full list of forex bureaus in Ghana.

In Ghana, how many Forex bureaus are there? Which forex bureaus in Ghana have licences from the Bank of Ghana?

This comprehensive list of Forex bureaus in Ghana, together with their location, contact and email address, is provided by HR Forum Media. Any organisation acting as a forex bureau without a licence from the Bank of Ghana should be disregarded.

The Bank of Ghana issued licences to 405 forex bureaus as of February 2023, and the following list from from the Central Bank acknowledges all of them along with their location, contact and email address:

The necessary legislative rules for running a Forex Bureau in accordance with Ghanaian law are provided by the Foreign Exchange Act 2006 (Act 723). The Act outlines the following definitions of the foreign exchange business as:

• The purchase and sale of foreign currency
• The receipt or payment of foreign currency
• The importation or exportation of foreign currency
• The lending and borrowing of foreign currency

Starting a forex bureau in Ghana

The Bank of Ghana, which has licencing, regulatory, and oversight responsibility over Forex Bureaus, requires that any company that want to engage in any of these operations submit an application for licensure. This indicates that the Bank of Ghana may establish regulations that specify the prerequisites for conducting the business of foreign currency transactions. The bank's guidelines must be followed while submitting the application, and it will only be approved if all requirements are met and the necessary payments have been paid.

If the licence is approved, it has a one-year expiration date, unless it is renewed. Applications for renewals must be submitted at least sixty days before the licence is due to expire. Applications for licences may also be rejected by the Bank of Ghana. These refusals are subject to written requests for reconsideration, after which a panel is assembled to compile a report for the Minister.

The Bank of Ghana may suspend or revoke a licence if the licensee violates any provision of the Act or fulfils one of the many criteria for revocation. Licenses are non-transferable. A person who feels wronged may file a petition for review if they want to contest the Bank's judgement. The petitioner may appeal to the Court, if the Bank doesn't respond to the petition in a timely way.

Operation of Forex Bureaus in Ghana

If the governor believes that the nation's balance of payments has significantly deteriorated or is doing so, the governor may enact regulations that limit specific Forex Bureau functions.

A variety of financial components of the bureau's operations may need information or data from the Bank, including but not limited to electronic media, records, accounts, and paperwork.

Any violation of this Act by the forex bureau might result in penalties, a need to abide by the Bank's requirements, or a demand for document production.

Also Read: Who is the biggest liar in Ghana? Here's what you need to know!

Source: HR Forum News