10 More Forex Bureaux Closed Down In Accra

Accra,(Greater Accra Region) 24 Sept, The Bank of Ghana (BOG) today continued its clamp down on illegal operators of forex bureaux with the closure of 10 more bureaux. The six-hour exercise which was done with support from the Ghana Police Striking Force Unit took the team to Abossey Okai, Kaneshie, Abeka La Paz , Cocoa House, Diamond House, Castle Junction and Kwame Nkrumah Circle. According to Mr Francis Bagadu, chief manager of the BOG who led the team, Danny Joe, Smart Talk Financial Services and Transcontinental Forex Bureaux were operating without valid licences. ''Smart Talk Financial Services and Transcontinental Forex Bureaux, for instance, licensed as communication centres, but were doing money transfer business as well'', he added. Mr Bagadu said Chenevix, Ranstad, Unitrust and Real Page Forex Bureaux were closed down because they were illegally transferring money, even though they had been licensed to operate solely as forex bureaux to buy and sell foreign exchange locally. ''Their licences have also expired and no effort has been made to renew them''. Ghana Air and Diamond House forex bureaux were closed down for non-payment of tax. The team later closed down African Revival Forex Bureau Limited at Abossey Okai for engaging in illegal transfer and receiving of foreign currency without prior authorisation. Owners of the affected companies have been asked to report to the BOG to regularise their operations. Meanwhile, front desk officers of affected companies have been taken to the police headquarters for questioning.

Because of the clamp down by the Bank of Ghana on the forex bureaux, most of the defaulting ones have closed voluntarily, but the few who opened maintained yesterday's price. The dollar opened at ?2,260.00 and ?2,290.00. The pound sterling opened at ?3,530.00. and ?3,600.00, and the Deutsche Marks between ?1,550.00 and ?1,130.00

BUYING SELLING CFA ?3,600.00 ?3,800.00 Japanese Yen 13.00 15.00 Swiss Franc ?1,400.00 ?1,500.00 Canadian Dollar ?1,420.00 ?1,500.00 French Franc ? 340.00 380.00 Dutch Guilders ?1,100.00 ?1,200.00