The Bank of Ghana has lifted the suspension of the Foreign Exchange Trading Licence of United Bank for Africa (UBA) Ghana Limited, following the bank’s full compliance with the Central Bank’s regulatory requirements. The move takes effect from Sunday, October 19, 2025.
In a statement issued on Friday, October 17, the Bank of Ghana said the decision came after UBA Ghana successfully met all the conditions attached to its earlier suspension and implemented corrective measures that were reviewed and found satisfactory.
The Central Bank had in a previous circular suspended UBA Ghana’s forex trading licence over breaches of the Foreign Exchange Act, 2006 (Act 723), and related regulatory guidelines. The suspension, which took effect in August 2025, restricted the bank from participating in foreign exchange transactions pending a full investigation.
According to the Bank of Ghana, the reinstatement followed an independent review confirming that the bank had taken adequate corrective steps to address all identified deficiencies in its forex operations.
“The Bank of Ghana has lifted the suspension of the Foreign Exchange Trading Licence of UBA Ghana Limited, effective October 19, 2025, following the bank’s compliance with the conditions of suspension and satisfactory implementation of corrective measures,” the statement read.
The Central Bank reaffirmed its commitment to maintaining the integrity and stability of Ghana’s foreign exchange market. It warned that all licensed market participants must strictly comply with the Foreign Exchange Act and other relevant rules governing forex operations.
“The Bank of Ghana will continue to monitor the activities of authorised dealers in the foreign exchange market to ensure transparency, accountability, and compliance with established regulations,” the statement added.
The apex bank emphasised that regulatory discipline was essential to sustain investor confidence, protect the value of the cedi, and maintain fair competition in the forex market. It further noted that consistent enforcement actions would help prevent manipulation, round-tripping, and speculative trading that could disrupt exchange rate stability.
UBA Ghana, a subsidiary of United Bank for Africa Plc, one of Africa’s leading financial groups, is expected to resume full foreign exchange operations immediately following the reinstatement. The bank, which serves a wide range of corporate and retail customers, plays a key role in Ghana’s financial services industry, including international trade facilitation and remittance services.
Market analysts described the development as a relief for both the bank and its clients, as forex transactions form a vital part of business operations in Ghana’s import-dependent economy. They also commended the Bank of Ghana for balancing regulatory enforcement with flexibility in ensuring compliance without stifling the market.
Earlier in August, the Central Bank had taken similar enforcement actions against other financial institutions for breaches related to forex trading and anti-money laundering regulations. The move formed part of broader efforts to strengthen financial discipline and promote a stable macroeconomic environment.
The Bank of Ghana reiterated that it would not hesitate to apply appropriate sanctions on any institution that fails to comply with the legal and regulatory framework guiding foreign exchange operations.
UBA Ghana has, in recent years, positioned itself as one of the key players in the Ghanaian banking industry, offering digital banking solutions and supporting trade across the West African sub-region. The lifting of its suspension is expected to boost its operations and reinforce its reputation as a compliant and responsible financial institution.
