In a move to tackle the operations of illegal forex operators and promote transparency in the foreign exchange market, the Bank of Ghana (BoG) has announced new measures.
The Governor of the central Bank, Dr. Ernest Addison, who made the announcement during the 118th monetary policy statement on Monday, May 27, 2024 said his outfit is collaborating with the Ghana Association of Banks to streamline documentation requirements for foreign payments.
This is expected to reduce the appeal of unofficial currency exchange channels and promote a cleaner forex market.
The BoG has also taken steps to engage the foreign exchange needs of corporate institutions, reducing the demand from commercial banks. Additionally, the Bank has cautioned all forex bureaux against advertising rates outside their locations, especially on social media platforms, to prevent unauthorized activities and maintain market discipline.
“The Bank is fully aware of the operations of illegal operators in the foreign exchange market and is working with the Financial Intelligence Centre to sanitize the forex market. Foreign exchange bureau monitoring will be stepped up to ensure compliance with their regulatory framework,” Dr. Addison stated.
By Vincent Kubi