BoG Lifts One-Month Suspension on UBA Ghana’s Forex Trading Licence
The Bank of Ghana (BoG) has lifted the one-month suspension of the foreign exchange trading licence of United Bank for Africa (UBA) Ghana Limited, effective October 19, 2025.
The central bank’s decision follows UBA Ghana’s full compliance with the conditions of the suspension and the satisfactory implementation of remedial measures as reviewed by the regulator.
“The Bank of Ghana hereby gives notice of the lifting of the suspension of the Foreign Exchange Trading Licence of United Bank for Africa (UBA) Ghana Limited, effective 19 October 2025,” the central bank stated in a notice issued on Friday.
According to the BoG, the move affirms its commitment to maintaining the integrity of Ghana’s foreign exchange market and ensuring that all licensed participants adhere strictly to the Foreign Exchange Act, 2006 (Act 723) and relevant regulatory guidelines.
UBA Ghana’s foreign exchange licence was suspended on September 18, 2025, after the bank was found to have engaged in unauthorised remittance transactions with three Payment Service Providers (PSPs) — Halges Financial Technologies Limited, Cellulant Limited and Flutterwave Inc.
The suspension, imposed under Section 11(2) of the Foreign Exchange Act, 2006 (Act 723), formed part of regulatory actions aimed at curbing breaches in the forex market and promoting compliance among authorised dealers and PSPs.
The lifting of the suspension restores UBA Ghana’s full participation in Ghana’s foreign exchange market, allowing the bank to resume all related trading and remittance operations under BoG’s supervision.
The BoG reiterated its resolve to enforce strict compliance measures and maintain market discipline to ensure transparency and stability in the foreign exchange ecosystem.
