Regulatory Alerts2020-06-22
Directive for Forex Bureaux in Ghana
The Bank of Ghana has issued binding directives requiring all licensed Forex Bureaux to electronically capture and receipt forex transactions while mandating customers to present valid national or personal identification. Licensed bureaux must submit monthly electronic returns within five working days and complete a licence renewal questionnaire two months prior to expiry, accompanied by tax clearance, insurance certificates, audited accounts, bank statements, and proof of annual returns filing. Compliance with these operational and regulatory requirements, including registration under the Data Protection Act, is mandatory for licence validity, with penalties ranging from fines to suspension or revocation for non-compliance.
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