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BoG Lifts Ban Imposed On Access Bank
 
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24-Sep-2012  
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The Bank of Ghana has lifted the ban on Access Bank Ghana restraining it from conducting foreign exchange business with effect from Monday, 24th September, 2012.

The Central Bank says it is satisfied with the bank after reviewing its directives and internal control measures put in place to forestall the recurrence of the breaches.

A statement issued by the Bank of Ghana on Monday said the decision to lift the ban was reached after the BoG reviewed Access Banks compliance with the directives, internal control measures put in place to forestall the recurrence of the breaches as well as efforts being made to repatriate the proceeds of the illegal foreign exchange transferred.

The Bank of Ghana however reminded all banks and licensed dealers in foreign exchange to comply strictly with the provisions of the Foreign Exchange Act 2006, (Act 723) and the accompanying Guidelines or face severe sanctions including prosecution.

It would be recalled that the Central Bank on July 23 this year imposed a six (6) month ban on Access Bank Ghana Limited, suspending it from undertaking foreign exchange business as a result of some violations of the Foreign Exchange Act 2006, (Act 723).
 
 
 
 
 

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