Bank of Ghana Shuts Down Two Financial Institutions

With reference to the Bank of Ghana Notice No.BG/GOV/SEC/2017/01 issued on 30th January, 2017, warning the general public of the unlicensed deposit-taking business of Agro Development Fund Services Limited (ADFSL) located at A67/3, Asufufu, opposite the Sunyani Traditional Council, the Bank wishes to state that ADFSL’s operation has been closed down, until further notice.

This decision is in furtherance of section 20(2) (g) of the Banks and Specialised 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.

Regarding Hebron Financial Investment Limited (HFIL), located at Mayflower Building, Community 10, Tema, it has come to the attention of the Bank of Ghana that HFIL is engaging in unauthorised online foreign exchange trading business contrary to section 3(1) of the Foreign Exchange Act, 2006 (Act 723).

Bank of Ghana has conducted investigations into the operations of HFIL and has concluded that the said company is not authorised to engage in any form of foreign exchange business.

Further to this, Bank of Ghana has directed HFIL to close down its operations forthwith. Therefore, anyone who does business with either Agro Development Fund Services Limited or Hebron Financial Investment Limited does so at his/her own risk.

GB&F

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