The Bank of Ghana (BoG) has established a task force to oversee all foreign exchange bureaus and ensure they comply with regulatory requirements.
Dr. Ernest Addison, the Governor of the Bank, announced this during the 118th monetary policy statement on Monday, May 27, 2024.
This move aims to address the activities of illegal operators in the foreign exchange market and to promote transparency in the market.
The Central Bank has also declared its collaboration with the Ghana Association of Banks to simplify documentation requirements for foreign payments.
According to Dr. Addison, the initiative is expected to reduce the attractiveness of unofficial currency exchange channels and promote a more transparent foreign exchange market.
The Bank has taken measures to cater to the foreign exchange needs of corporate institutions, thereby reducing the demand from commercial banks.
BoG has also cautioned all foreign exchange bureaus against advertising rates outside their locations, especially on social media platforms, to prevent unauthorized activities and maintain market discipline.
Dr. Addison stated, “The Bank is fully aware of the activities of illegal operators in the foreign exchange market and is working with the Financial Intelligence Centre to clean up the foreign exchange market.”
“Monitoring of foreign exchange bureaus will be intensified to ensure compliance with regulatory requirements. In line with this, all foreign exchange bureaus advertising rates outside their premises and on social media platforms must immediately stop the practice.”
“The Bank has also established a task force to monitor all foreign exchange bureaus to ensure compliance. The foreign exchange market is also influenced by sentiments and statements made in this election year, and we urge everyone to manage statements that weaken confidence in the local economy.”