The Bank of Ghana (BoG) has reinstated the foreign exchange (FX) trading licence of United Bank for Africa (UBA) Ghana Limited, effective Sunday, October 19, 2025—31 days after suspending the bank over regulatory breaches.
The apex bank had on September 4, suspended UBA Ghana’s FX trading licence for engaging in multiple violations of foreign exchange market regulations.
According to BoG, the bank was found to have conducted unauthorised remittance transactions with several Payment Service Providers (PSPs), including Halges Financial Technologies Limited, Cellulant Limited, and Flutterwave Inc.
These transactions were allegedly carried out on behalf of Money Transfer Operators (MTOs) such as Top Connect, Send App, Taptap Send, Remit Choice, and Afriex.
In a statement issued Friday, the regulator said the decision to lift the suspension followed UBA Ghana’s full adherence to the corrective measures imposed after the sanction.
“This 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,” the statement said.
The central bank noted that UBA has taken steps to strengthen its compliance framework, enhance internal controls, and ensure stricter oversight of foreign exchange operations going forward.
The BoG reaffirmed its commitment to safeguarding the integrity of Ghana’s foreign exchange market, stressing that all authorised dealers must strictly adhere to the provisions of the Foreign Exchange Act, 2006 (Act 723), and other applicable regulatory guidelines.
“The Bank of Ghana remains committed to maintaining the integrity of the foreign exchange market and ensuring that all licensed participants operate in strict compliance with regulatory standards,” it added.
The reinstatement brings relief to UBA Ghana, which is among the country’s major commercial banks with a strong presence in corporate and retail banking. The suspension, though temporary, had limited its participation in Ghana’s growing remittance and forex markets.
With the lifting of the restriction, UBA is now cleared to resume full participation in foreign exchange trading activities, marking the end of a regulatory episode that underscores the BoG’s heightened vigilance in policing the country’s FX market.
