The Bank of Ghana (BoG) has officially lifted the suspension of the foreign exchange trading licence of United Bank for Africa (UBA) Ghana Limited, fo
The Bank of Ghana (BoG) has officially lifted the suspension of the foreign exchange trading licence of United Bank for Africa (UBA) Ghana Limited, following the bank’s successful fulfillment of regulatory conditions imposed by the central bank.
In a statement issued by the BoG’s Communications Department on Friday, October 17, 2025, the regulator announced that UBA’s licence has been fully reinstated, effective Saturday, October 19, 2025, after the bank implemented all required remedial measures and satisfied the conditions set during its suspension.
Background: Suspension Over Regulatory Breach
The reinstatement comes weeks after the central bank sanctioned several financial institutions, including UBA Ghana, over breaches of foreign exchange trading regulations.
In August 2025, the BoG suspended the forex trading licences of some commercial banks after routine market surveillance uncovered what it described as “infractions and non-compliance” with the Foreign Exchange Act, 2006 (Act 723).
While the BoG did not initially disclose specific details of UBA’s violations, the action formed part of a broader clampdown aimed at sanitising the foreign exchange market and curbing speculative activities that were contributing to exchange rate instability.
The central bank at the time emphasised that such suspensions were not punitive but corrective, designed to compel affected institutions to align their operations with the law and strengthen internal compliance controls.
UBA’s Compliance and Restoration
According to the BoG’s latest statement, UBA Ghana has since adhered to all conditions outlined during the suspension period.
The bank implemented a series of corrective measures, including enhanced internal monitoring systems, staff training on foreign exchange procedures, and full cooperation with the regulator’s review process.
“The Bank of Ghana hereby gives notice of the lifting of the suspension of the Foreign Exchange Trading Licence of United Bank for Africa (UBA) Ghana Limited, effective 19 October 2025.
This decision follows UBA’s adherence to the suspension conditions imposed and the implementation of remedial measures that have been reviewed and found satisfactory,” the statement read.
The BoG’s decision effectively restores UBA’s capacity to engage in authorised foreign exchange transactions, including import financing, international money transfers, and interbank forex trading activities.
BoG’s Regulatory Commitment
The Bank of Ghana reaffirmed its commitment to maintaining transparency, integrity, and discipline in the forex market.
It stressed that while it welcomes compliance efforts by affected banks, it will continue to enforce strict supervision to prevent recurrence of similar regulatory breaches.
“The Bank of Ghana remains committed to maintaining the integrity of the foreign exchange market and ensuring that all licensed market participants operate in strict compliance with the Foreign Exchange Act, 2006 (Act 723), and all other applicable regulatory guidelines,” the statement added.
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