The Asokwa Circuit Court 2 in Kumasi has sentenced Senyah Poku and Yaa Serwaa of Senyah Poku Enterprise, an unlicensed foreign exchange bureau operating in Patase, Kumasi, to a fine of six hundred penalty units equivalent to GH¢7,200.00 each.
This was after the convicted persons pleaded guilty to charges of “conspiracy to engage in the business of dealing in foreign exchange without licence” and “engaging in the business of dealing in foreign exchange without licence.”
The Ashanti Regional Police Command, Kumasi, in collaboration with the Other Financial Institutions Supervision Department (OFISD) and the Security Department of the Bank of Ghana, investigated and arrested four persons dealing in foreign exchange without approval and a licence from the Central Bank.
The undercover investigation began on October 29, 2023 and concluded on December 3, 2023.
The OFISD in conducting supervisory duties in Kumasi, detected certain irregularities in the Foreign Exchange market which led them to these illegal foreign exchange operators.
According to Section 3(1) of the Foreign Exchange Act, 2006, Act 723, “A person shall not engage in the business of dealing in foreign exchange without a licence issued under this Act.”
Section 29(1)(a) of the Act further states that “A person who engages in the business of dealing in foreign exchange without a licence commits an offence and is liable on summary conviction to a fine of not more than seven hundred penalty units or a term of imprisonment of not more than eighteen months or both.’’
Over the years, the Central Bank has cautioned the general public to desist from engaging the services of foreign exchange businesses operating without a licence.
Other suspects awaiting trial are Adam Isak and Alhassan Nuhu of Macowasi Forex Bureau, another unlicensed foreign exchange bureau also operating on the KNUST Campus, Kumasi
