The Bank of Ghana (BoG) has officially lifted the suspension placed on the Foreign Exchange (FX) trading license of United Bank for Africa (UBA) Ghana Limited, effective October 19, 2025.
The reinstatement follows the bank’s successful compliance with the conditions imposed by the Central Bank and the implementation of corrective measures deemed satisfactory by regulators.
In a statement released by the BoG, the Central Bank emphasized that the decision was made after a comprehensive review confirmed that UBA Ghana had fulfilled all the remedial actions required during the suspension period.
“The Bank of Ghana has lifted the suspension of the Foreign Exchange trading license of United Bank for Africa (UBA) Ghana Limited, effective October 19, 2025, following the bank’s adherence to the conditions of suspension and the implementation of remedial measures reviewed and found satisfactory.”
BoG
The Bank of Ghana reaffirmed its commitment to maintaining the integrity and stability of Ghana’s foreign exchange market, warning all licensed market participants to operate within the provisions of the Foreign Exchange Act, 2006 (Act 723) and all related regulatory guidelines.
“The Bank of Ghana remains resolute in ensuring that all licensed participants in the FX market comply strictly with the Foreign Exchange Act, 2006 (Act 723) and other applicable regulatory frameworks,” the statement added.
The Central Bank underscored that regulatory compliance is non-negotiable and forms the bedrock of a stable and transparent financial market. It reiterated that breaches of foreign exchange guidelines would continue to attract appropriate sanctions to deter future violations.
Background to the Suspension
The reinstatement follows a one-month suspension announced by the BoG on September 4, 2025, which took effect from September 18, 2025. The suspension was issued in accordance with Section 11(2) of the Foreign Exchange Act, 2006 (Act 723) after the Central Bank identified multiple violations of foreign exchange market regulations by UBA Ghana.
The violations were linked to provisions under 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.
During the period of suspension, UBA was barred from engaging in any foreign exchange trading activities, including inward remittances, but was allowed to continue other banking operations.
UBA Ghana’s Response During the Suspension
Following the suspension announcement, UBA Ghana moved swiftly to reassure its customers and stakeholders of the bank’s financial soundness and continued operational stability. In a statement released at the time, UBA affirmed its commitment to maintaining the highest standards of governance, transparency, and professionalism.
The bank noted, “We wish to assure our cherished customers that all deposits, transactions, and funds remain safe despite the temporary suspension of our foreign exchange trading license by the Bank of Ghana.”
UBA also reiterated that it had taken immediate steps to cooperate with the regulator, implement corrective measures, and strengthen internal compliance systems. “We remain committed to upholding the highest standards of regulatory compliance and are working closely with the Bank of Ghana to address the issues raised,” the bank’s statement added.
A Swift and Positive Resolution
Barely a month after the suspension took effect, the Central Bank’s decision to restore UBA’s FX license has been widely viewed as a sign to the bank’s swift and decisive actions to rectify the regulatory breaches. The reinstatement underscores UBA’s resilience, corporate discipline, and responsiveness to regulatory oversight.
Industry watchers have praised the bank for taking proactive steps to strengthen its compliance framework and enhance internal controls. The move also sends a strong message about the importance of accountability and corrective action within Ghana’s financial system.
According to analysts, the reinstatement will allow UBA to fully re-engage in the foreign exchange market, a vital segment of Ghana’s financial ecosystem, which supports international trade, remittances, and investment inflows.
BoG’s Broader Regulatory Agenda
The Bank of Ghana’s decisive actions reflect its ongoing efforts to sanitize Ghana’s foreign exchange market and ensure strict adherence to financial regulations. Over the past year, the Central Bank has intensified monitoring of FX transactions to curb speculative trading, money laundering, and other illicit financial activities that threaten market stability.
By reinstating UBA’s license only after full compliance verification, the BoG has demonstrated a balanced regulatory approach—one that enforces discipline while allowing responsible institutions to recover and continue contributing to economic growth.
With its FX license restored, UBA Ghana is now focused on rebuilding public confidence and reinforcing its leadership position in the financial sector. The reinstatement marks a new chapter for the bank, which has consistently been recognized for its innovation, strong customer base, and regional influence.
Analysts expect UBA to emerge stronger, with enhanced compliance mechanisms that align with BoG’s regulatory expectations. The swift resolution of the suspension demonstrates both the Central Bank’s commitment to fair regulation and UBA’s willingness to uphold industry best practices.
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