The Bank of Ghana has lifted the suspension of the Foreign Exchange trading license of United Bank for Africa (UBA) Ghana limited, effective 19 October 2025.
A statement from the Central Bank pointed out that the decision follows UBA’s adherence to the suspension conditions imposed and the implementation of remedial measures that have been reviewed and found satisfactory by the Bank.
It, however, reminded the public that it remains committed to maintaining the integrity of the foreign exchange market, adding that “all licensed market participants operate in strict compliance with the Foreign Exchange Act, 2006 (Act 723), and all other applicable regulatory guidelines”.
Background
The Bank of Ghana on September 4 2025, announced the suspension of the foreign exchange trading license of United Bank for Africa (UBA Ghana) effective September 18, 2025. The suspension was for a period of one month in accordance with section 11 (2 ) of the Foreign Exchange Act 2006.
In a statement, it said the action was as a result of multiple violations of the foreign exchange market regulations.
This includes “Updated Guidelines for Inward Remittance Services by Payment Service Providers, 2023, as amended by Bank of Ghana Notice No. BG/GOV/SEC/2025/25which has come to the attention of Bank of Ghana”.
UBA Ghana on Suspension
But UBA in a statement released and copied to Joy Business, assured customers that all deposits, transactions, and funds remain safe despite the suspension of its foreign exchange trading license by the Bank of Ghana (BoG).
It stressed that it is committed to the “the highest standards of governance, transparency, and professionalism,” assuring customers they can continue normal banking services with full confidence in the bank’s financial strength and resilience.
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Source: myjoyonline.com
