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The Governor of the Bank of Ghana (BOG), Dr Abdul Nashir Issahaku
The Governor of the Bank of Ghana (BOG), Dr Abdul Nashir Issahaku

BoG closes Agro Development Fund, Hebron Financial Investment

The Bank of Ghana has closed down two micro financial service providers for engaging in unauthorized operations.

They are the Agro Development Fund Services Limited (ADFSL) in Sunyani in the Brong Ahafo region and Hebron Financial Investment in Tema, Greater Accra.

A statement issued by the Communications Department of the BoG on Tuesday said the closure followed notices sent to the operators on January 30, 2017 warning the general public of the unlicensed deposit-taking business of the two companies.

The statement said the operation of ADFSL has been closed down, until further notice and that the decision was in furtherance of section 20(2) (g) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930).

It said: “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, the statement said it has come to the attention of the Bank of Ghana that HFIL was 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,” it said.

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