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The Bank of Ghana has revised upwards the biennial licence renewal fee for Foreign Exchange Bureaux (from GH¢800 to GH¢2,000. According to a statement, the revision is part of ongoing reforms to strengthen the regulatory oversight of the Bank of Ghana and to ensure the sustainability of operations in the sector. The revised fee is effective immediately and applies to all licensed FEBs. The Central Bank said all FEBs are required to renew their licences biennially, no later than two months prior to the expiry date of the existing licence. This is in accordance with Section 10 of the Foreign Exchange Act, 2006 (Act 723) and Paragraph 8 of Bank of Ghana Notice No. BG/GOV/SEC/2003/2 under the Revised Forex Bureau Regulations. The Central Bank urged FEBs to contact the Licensing and Approval Office of the Other Financial Institutions Supervision Department of the Bank of Ghana for further clarification.
