BoG Hikes Licence Renewal Fee for Forex Bureaux by 150%
The Bank of Ghana (BoG) has announced an upward revision of the biennial licence renewal fee for Foreign Exchange Bureaux (FEBs) from GHS 800 to GHS 2,000, representing a 150 percent increase.
In a statement issued by the Central Bank, it explained that the adjustment forms part of ongoing regulatory reforms aimed at strengthening oversight and ensuring the long-term sustainability of operations within the foreign exchange sector.
The new fee structure, which takes immediate effect, applies to all licensed FEBs across the country.
The Bank further reminded operators that, in accordance with Section 10 of the Foreign Exchange Act, 2006 (Act 723) and Paragraph 8 of BoG Notice No. BG/GOV/SEC/2003/2, under the Revised Forex Bureau Regulations, requires all Foreign Exchange Bureaux to renew their licences every two years, no later than two months prior to the expiry of the existing licence.
The statement also advised FEBs seeking further clarification to contact the Licensing and Approval Office of the Other Financial Institutions Supervision Department at the Bank of Ghana.
