BoG shuts down two financial institutions

The Bank of Ghana has closed down two financial institutions in the country. This was after the central bank investigation revealed that the two companies were operating without approval.

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

The Daily Express gathered that the ADFSL was asked to stop operating after the central bank realized the institution had not been licensed to take deposit from the public.

A statement from BoG said the ADFSL continued to operate despite the orders from the Bank of Ghana. It however closed down ADFSL’s operation until further notice.

The Bank of Ghana said that the ADFSL is located at Asufufu, opposite the Sunyani Traditional Council in the Brong Ahafo region.

“The decision to close down ADFSL is in furtherance of section 20(2) (g) of the Banks and Specialized Deposit-Taking Institutions Act, 2016 (Act 930). Bank of Ghana has investigated ADFSL thoroughly and has concluded that its activities are contrary to section 4(5) (a) of Act 930,” the central bank pointed out.

However, concerning Hebron Financial Investment Limited (HFIL), the central pointed out that this institution was engaging in unauthorized online foreign exchange trading business contrary to section 3(1) of the Foreign Exchange Act, 2006 (Act 723).

It added that the HFIL is located at Mayflower Building, Community 10, Tema in the Greater Accra region.

The regulator mentioned that it conducted investigations into the operations of HFIL and has concluded that the said company is not authorized to engage in any form of foreign exchange business and therefore closed the company down.

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