BoG close down two unlicensed financial institutions

The Central Bank has closed down two financial institutions for offering financial services without its permission.

In a statement released Tuesday, the regulator said, “with reference to the Bank of Ghana Notice No. BG/GOV/SEC/2017/01 issued on January, 30, 2017, warning the general public of the unlicensed deposit-taking business of Agro Development Fund Services Limited (ADFSL) located at A67/3, Asufufu, opposite the Sunyani Traditional Council, the Bank wishes to state that ADFSL’s operation has been closed down, until further notice.”

This decision is in furtherance of section 20(2) (g) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930).

According to Bank of Ghana (BoG), it has investigated ADFSL thoroughly and has concluded that its activities are contrary to section 4(5) (a) of Act 930.

Regarding Hebron Financial Investment Limited (HFIL), located at Mayflower Building, Community 10, Tema, BoG said it has come to its attention that HFIL is engaging in unauthorised online foreign exchange trading business contrary to section 3(1) of the Foreign Exchange Act, 2006 (Act 723).

“Bank of Ghana has conducted investigations into the operations of HFIL and has concluded that the said company is not authorised to engage in any form of foreign exchange business.

“Further to this, Bank of Ghana has directed HFIL to close down its operations forthwith,” it added.

The Central Bank is warning that anyone transacting any business with either Agro Development Fund Services Limited or Hebron Financial Investment Limited is doing so at his/her own risk.