)
This was a reaction to the Bank of Ghana's statement announcing it has closed their operations for not having a license to engage in online forex trading.
READ ALSO: Here are the banks with the best deposit rates in Ghana
The Bank of Ghana (BoG) had halted the operations of Agro Development Fund Services Limited (ADFSL) and Hebron Financial Investment Limited (HFIL) for operating illegally.
According to a statement released by the central bank shows that after a thorough investigation into ADFSL, it was discovered that its activities are contrary to section 4(5) (a) of Act 930.
)
)
)
Hebron Financial Investment Limited (HFIL) was also faulted for running operations contrary to section 3(1) of the Foreign Exchange Act, 2006 (Act 723) which states "that a person shall not engage in the business of dealing in foreign exchange without a license issued under this Act."
Nonetheless, CEO of Hebron Financial Investment Limited, Ebo Eshun has issued a rejoinder describing the Central Bank's actions as ignorant.
"What the BoG is saying in effect is if individuals subscribe to trading forex online on their own on these global markets made available by SEC regulated brokers, and make their own losses ,then everything is okay but if Hebron trades on their behalf to help them make sustainable returns then we are in breach of Section 3 (1) of the Foreign Exchange Act, 2006(Act 723) I find this absurd and a hard pill to swallow”.
Mr Eshun has further expressed dissatisfaction at the level of appreciation the central bank has for this emerging trend. He further explains that, his outfit is not a microfinance institution but trains persons with forex interest as well as trade on behalf of clients who are impressed by their returns.
"The clients are fully in charge of their funds which are deposited with the broker by the client", he added.