BoG to meet MDs of banks, forex bureaux on stabilizing market

The Governor of the Bank of Ghana (BoG), Dr Ernest Addison is set to meet the Managing Directors of Banks and some forex bureaux as part of moves to stabilize the forex market.

The meeting will be discussing plans aimed at ensuring the supply of forex on the market is stabilized and the overpricing is halted so those who need forex to transact business get it without hindrances at the banking halls.

Minister of Information, Kojo Oppong Nkrumah, disclosed this at a press conference on Monday, October 24.

According to him, the government is also looking at long-lasting measures to ensure the forex rate is stabilized in the country, even as it expects a lot more inflow of forex following the completion of the syndication of the COCOBOD transaction loan.

He said, “The Economic Management Team (EMT) is also meeting to appraise itself on some of the recommendations as we get closer to the end of the year. On Thursday, Cabinet itself will be meeting to receive what has gone through the EMT and updates from the IMF negotiation so that some decisions will be made and then update the country on the next step forward.”

Forex bureaux in Ghana have lamented the stiff parallel competition they are facing with illegal operators popularly known as the black market.

Vice President of Forex Bureau Association of Ghana, Dr Alex Akpabli said on the New Day show with Roland Walker on TV3 Friday, October 21 that the activities of the black marketers pose a serious challenge to them.

“We have the parallel market that competes with us, the black market, that is the challenge.

“If you need Dollar come to us and we can help but if you choose black market which is not safe then there is a problem.”

President of the Ghana Union of Traders Association (GUTA) Dr Joseph Obeng also indicated that there is a powerful association behind black market operations in Ghana.

He explained that these operators mostly receive up to date forex information that sometimes the regulated operators do not even have.

“Who is giving them this information?” He asked also on the New Day show.

He added “there is a cartel which is being built by black market, it is dangerous. Who is giving them the rate, it is a cartel.

“People are shying away from the main stream banks and and doing businesses with the Black markets.”

The Bank of Ghana (BoG), together with the Ghana Police Service, on Tuesday 20th September 2022, conducted a special operation on foreign exchange (forex) parallel market operators (otherwise known as black market operators) at identified hot spots within Business District (Rawlings Park, Tudu, Cowlane, Circle, Kimbu, Timber Market and Lava) and throughout the country.

In all about 76perpetrators were apprehended by the police for prosecution. The special operation will continue nationwide.

The purpose of the operation was to clamp down on individuals and entities engaging in the business of buying and selling foreign exchange without a licence from Bank of Ghana in violation of Ghana’s foreign exchange laws and regulations.

Speaking to Journalists after exercise, the Head of the Foreign Exchange Bureau Examinations Office, at the Bank of Ghana, Adjoa Konadu Torto, indicated that the exercise will continue in other parts of the country in the coming days.

She maintained that members of the public who patronise the activities of ‘Black Market” operators are equally guilty before the law.

“The over 76 perpetrators were apprehended by the police for prosecution. The special operation will continue nationwide”.

“The purpose of the operation was to clamp down on individuals and entities engaging in the business of buying and selling foreign exchange without a licence from Bank of Ghana in violation of Ghana’s foreign Exchange Laws and regulations”, she explained.

She cautioned the general public to desist from engaging in illegal foreign exchange business without a licence.

“The general public must always trade with the Bank of Ghana licensed foreign exchange (forex) bureaux. Accordingly, the Anti-Money Laundering ACT, 2020 (Act 1044) as amended instructs all bureau customers to insist on their electronic receipts by providing the acceptable valid ID, the Ghana Card, to cover the buying and selling of all foreign currencies”, she added.

Bank of Ghana (BoG)forex bureaux