The Bank of Ghana (BoG) has disclosed it will duly sanction owners of the two institutions whose activities have been halted for operating illegally.

The central bank explains that it is currently working with the security agencies to investigate persons arrested in connection with the development.

“The BoG was able to close down the operations with the support of the CID and some arrests were made and people were requested to give a statement to that effect,

“It is not the end of it all; some of the directors were handed over to the CID assisting the Police in further investigations in this particular area,” the Director of Communications at the Bank of Ghana, Bernard Otabil told Citi Business News.

An illegal microfinance, Agro Development Fund Services Limited and an unauthorized online foreign exchange business, Hebron Financial Investment Limited, were on Tuesday (March 7, 2017) closed down by the BoG.

They were penalized for flouting the Specialized Deposit Taking Institutions and Foreign Exchange Act respectively.

Bernard Otabil further explained to Citi Business News the sanctions will sanitize the financial space.

“So we move in and with the help of the general public, bring all the perpetrators to book. Our idea is that we protect the general public from the activities of such charlatans.”

The closing down of the illegal financial institutions follows the BoG’s stance to clamp down on unauthorized institutions.

This has also become apparent since the DKM Microfinance debacle which led to thousands of customers getting their monies locked up.

The Registrar General’s Department has since commenced payments of the locked up investments with final payments scheduled for today.

By: Pius Amihere Eduku/


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