Kumasi, (Ashanti Region) 20 Sept., The Bank of Ghana has closed down 12 more forex bueraux in Kumasi that have been operating illegally. This brings to 23 the number of forex bureux closed down in Kumasi and 54 nation-wide. The exercise which started about a week ago is aimed at weeding out from the system bureaux who are operating illegally either by expriy of their licenses or by branching into other areas for which theyhave no authorization. During the Kumasi exercise it was realised that the licences of some bureaux had expired for more than two years. Some such as Kayad Communication Centre, Sunshine, S-Adams and Gold Link, althgough had registered as Communication Centres were found to be operating as forex bureaux. Others closed down for expiry of licences or for engaging in illicit transaction include Kyeswin, Garden City, Sweat Money, Lucky Man, Golden Cross and Alobar. The rest are Peace and Love, Kesben, Great Provider, Glory Be To God and Kosag.

Briefing newsmen after the exercise, Mr Dela Selormey, of the Banking Supervision Department of BOG said, the action is aimed at streamlining the operations of the forex bureaus in the country and to bring sanity to the foreign excahnge market. He said the illegal operation of the bureax was creating problems for the economy, adding that those that will be found nopt have registered with the BOG will closed down definitely. Meanwhile BOG has asked all non-bank financial institutions whose operations have been stopped to submit to the Director, Banking Dapartment, Bank of Ghana, i) a schedule of balance/amounts lodged with them for inward remittances, or other such purpose, details of transit items, etc. ii) The claimants/prospective beneficiairies should submit appropriate evidence in support of their claims such as advice slips, and other relevant documents to the Ditector, Banking Departmane for Payment to tbe effected. iii) That in all cases, some form of identification such as passport or driving licence should be provided by the claimants who would be required to deposit two passport photographs with the Director.

The Bank assured the general public and the non-bank financial institutions that it (BOG) will continue to support the legitimate operations of the non-bank financial institutions towards achieving the sustained development of the financial sector. It must be noted that NOT all forex bureaux or non-bank financial institutions have been closed down. Those with legitimate documents are still in operation.