UBA Ghana regains forex trading licence
The Bank of Ghana (BoG) has lifted the suspension of the foreign exchange trading licence of United Bank for Africa (UBA) Ghana Limited, effective 19 October 2025.
In a statement, the Central Bank said the decision followed UBA’s full compliance with the conditions of suspension and the successful implementation of remedial measures, which have been reviewed and deemed satisfactory by the regulator.
“The Bank of Ghana has lifted the suspension of the foreign exchange trading licence of United Bank for Africa (UBA) Ghana Limited, effective 19 October 2025, following adherence to the suspension conditions imposed and the implementation of remedial measures that have been reviewed and found satisfactory by the Bank,” the statement noted.
The BoG, however, reiterated its commitment to maintaining the integrity of Ghana’s foreign exchange market and ensuring transparency and discipline among all participants.
It cautioned that all licensed institutions must operate in strict compliance with the Foreign Exchange Act, 2006 (Act 723), as well as all other applicable regulatory guidelines.
“The Bank of Ghana remains committed to ensuring that all licensed market participants operate within the confines of the law to safeguard the stability of the foreign exchange market,” the statement emphasised.
Background
On 4 September 2025, the Central Bank announced the suspension of UBA Ghana’s foreign exchange trading licence for one month, effective 18 September 2025, in accordance with Section 11(2) of the Foreign Exchange Act, 2006 (Act 723).
The suspension, according to the BoG, followed multiple violations of foreign exchange market regulations, including breaches of the Updated Guidelines for Inward Remittance Services by Payment Service Providers (2023), as amended by Bank of Ghana Notice No. BG/GOV/SEC/2025/25.
UBA’s Response
Following the announcement, UBA Ghana issued a statement assuring customers that their deposits, transactions, and funds remained safe, and that all other banking services were unaffected.
The bank reaffirmed its commitment to maintaining “the highest standards of governance, transparency, and professionalism”, adding that it continues to operate with full financial strength and resilience.
The reinstatement of UBA’s licence marks the successful completion of regulatory corrective actions and allows the bank to resume foreign exchange trading operations under BoG supervision.
