- The Bank of Ghana (BoG) has released a list of unapproved Money Transfer Organisations (MTOs)
- The BoG said the listed organisations operating within the remittance and Ghana forex market did not have approval
- The central bank warned financial institutions against engaging with the blacklisted firms, which included Wise
The Bank of Ghana has released a list of eight Money Transfer Organisations (MTOs) Ghanaians should avoid.
In a statement, the BoG said these platforms operating within the remittance and Ghana forex market were not approved.
The BoG also warned banks against dealing with any of the blacklisted institutions.
"Non-compliance will result in severe sanctions, including the withdrawal of the license of the institution in breach," it warned.
Ghana's forex challenges
In a separate story, YEN.com.gh reported that the Ghana cedi was trading for over GH¢12.10 against the US dollar on the forex or retail market.
Reports indicate that demand for the dollar has been high ahead of the Christmas season at forex bureaus.
The pressure on the Ghana cedi is expected to ease if the $600 million from the International Monetary Fund arrives.
Fidelity Bank and First National Bank suspended from forex trading
In a separate story, YEN.com.gh reported that the Bank of Ghana Fidelity Bank and First National Bank Ghana were sanctioned for breaching rules on interbank forex trading rules.
Their forex trading licences were revoked, and they would not be permitted to do any forex transactions for 30 days.
Bank of Ghana urges businesses to stop pricing in dollars
Meanwhile, YEN.com.gh reported that the BoG warned the business community in Ghana against pricing and doing other related activities in dollars and other foreign currencies.
The central bank said in a statement that transacting in foreign currency in Ghana without authorisation is against the law.
The central bank also added that it is collaborating with law enforcement agencies to continue the clampdown on businesses flouting the law.
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