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BoG revokes license of two popular forex bureaus in Accra

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The Bank of Ghana has revoked the license of the Airport City Forex Bureau within the Atlantic Tower building and Trade House Forex Bureau Ltd, a popular forex bureau at the Marina Mall.

The closure follows the failure of the operators to issue receipts and the breaching of Foreign Exchange laws in the country.

The two forex bureaus are under the same ownership and were detected by a mystery shopping exercise by the central bank.

The Head of Other Financial Institutions Supervision department of the Central Bank, Yaw Sarpong, noted that they were not issuing electronic receipts and not requesting valid proof of identity.

Mr. Sarpong said the “two bureaus on several occasions have been found not to be complying.”

“The way they set their prices are detrimental and we think that the licenses of the two bureaus have to be revoked,” he added.

The post BoG revokes license of two popular forex bureaus in Accra appeared first on Citinewsroom – Comprehensive News in Ghana.

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BoG selects Dr Joseph France as advisor to UMB

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In a statement, the Central Bank stated that it intends to support UMB's recapitalization efforts as well as ensuring the proper implementation of governance changes.

The Bank of Ghana (BoG) has nominated Dr. Joseph O. France as an advisor to Universal Merchant Bank LTD (UMB).

The appointment, which took effect on March 25, 2024, is in line with Section 101(1) of the Banks and Specialised Deposit-Taking Institutions Act of 2016 (Act 930).

Banks have until September 30th, 2023, to submit recapitalization plans to meet the minimum capital requirement of GH¢400 million.

In a statement, the Central Bank stated that it intends to support UMB’s recapitalization efforts as well as ensure the proper implementation of governance changes.

“His expertise will be instrumental in safeguarding the interests of depositors, shareholders, and the general public. Importantly, it is essential to note that unlike an Official Administrator, Dr. France will not assume the powers, responsibilities, or duties of UMB’s existing management team.

“Under Act 930, Dr. France will have the privilege of attending meetings of UMB’s Board of Directors and Committees, although he will not participate in voting. His primary focus will be on providing strategic guidance and ensuring compliance with regulatory requirements,” portions of the statement noted.

Meanwhile, BoG has stated that UMB is fully functioning and available for business under the current management team.

It advised depositors and customers to remain confident in UMB’s services.



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Ghanaian fibre optics inventor, Dr Thomas Mensah passes on

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The Adisadel College Old Boys Association's official X account also announced Dr. Mensah's death.

Dr. Thomas Mensah, a renowned Ghanaian-American scientist and developer of fibre optics, died at the age of 74.

According to a statement published by the family on Thursday, March 28, the renowned innovator, who played a key role in revolutionising telecommunications and technology, died of sickness at Kumasi Catholic Hope Exchange Hospital.

“Dr. Thomas Mensah died on March 27, 2024, in Kumasi Catholic Hope Exchange Hospital. Dr. Mensah died from a brief illness.


“The family hereby informs the wider public of the unfortunate event. “Dr. Thomas Mensah died at the age of 74,” the announcement added.

The Adisadel College Old Boys Association’s official X account also announced Dr. Mensah’s death.

“He was known on the global stage for his significant contributions in the field of fibre optics and nanotechnology.”

Dr. Mensah’s ideas have had a significant influence on global communications networks, making substantial contributions to the field of technology.

His major innovation in fibre optics enabled high-speed data transport, revolutionising several sectors and contributing to the digital age’s success.

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Good news for teachers: 1 teacher, 1 laptop

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His remarks came after the Ghana National Association of Teachers (GNAT) expressed reservations about the Ghana Smart School Project, which debuted on Monday, March 25, 2024. According to GNAT, since 2021, when the government launched a similar scheme for teachers dubbed as the "1 Teacher 1 Laptop" project, over 100,000 instructors in public schools have yet to receive theirs. However, Dr. Adutwum, a teacher himself, told teachers that his Ministry has their best interests at heart and will never fail them. He indicated categorically that the instructors will receive their computers by the end of June.

Teachers in public schools will receive the laptops promised by the government in 2021 by the end of June 2024.

Dr Yaw Osei Adutwum, Minister of Education, said this on Adom FM’s morning broadcast, Dwaso Nsem, on Tuesday.

“I can tell you that the instructors will receive their computers by the end of June, as promised. They’ve already met with the Ghana Education Service (GES) and are figuring out how to get their laptops,” he said.

His remarks came after the Ghana National Association of Teachers (GNAT) expressed reservations about the Ghana Smart School Project, which debuted on Monday, March 25, 2024.

According to GNAT, since 2021, when the government launched a similar scheme for teachers dubbed the “1 Teacher 1 Laptop” project, over 100,000 instructors in public schools have yet to receive theirs.

However, Dr. Adutwum, a teacher himself, told teachers that his Ministry has their best interests at heart and will never fail them.

He indicated categorically that the instructors will receive their computers by the end of June.

Speaking about the Ghana Smart School Project, Dr. Adutwum emphasised its significance as a component of the Free Senior High School (SHS) programme, which aims to improve the quality of teaching and learning in public second-cycle schools.

He stated that these tablets, packed with necessary textbooks and previous questions, will be great instructional aids, improving students’ access to information critical to their academic endeavours.

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