BoG closes down two institutions for operating illegally

Business News of Tuesday, 7 March 2017



Bank Of Ghana1File photo

The Bank of Ghana (BoG) has halted the operations of two financial institutions for operating illegally.

The two are; Agro Development Fund Services Limited (ADFSL) and Hebron Financial Investment Limited (HFIL).

According to the central bank, the two institutions have been operating as an unlicensed microfinance and unauthorised online foreign exchange trading business respectively.

A statement on the matter and copied to Citi Business News further cautioned the public to stay away from the two institutions.

“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),” the statement said.

It added, “Bank of Ghana has investigated ADFSL thoroughly and has concluded that its activities are contrary to section 4(5) (a) of Act 930.”

Regarding the closure of the Hebron Financial Investment Limited (HFIL), located at Mayflower Building, Community 10, Tema, the central bank said, “its operations run contrary to section 3(1) of the Foreign Exchange Act, 2006 (Act 723).”