The Bank of Ghana (BoG) has instituted a task force to oversee the operations of all foreign exchange bureaus and ensure adherence to regulatory guidelines.
The initiative aims to address the activities of illegal operators in the foreign exchange market and foster transparency within the market.
During the 118th monetary policy statement on Monday, May 27, 2024, the Governor of the Bank, Dr. Ernest Addison, made this announcement.
The Central Bank also declared its partnership with the Ghana Association of Banks to simplify documentation requirements for foreign payments.
According to Dr. Addison, this initiative is expected to diminish the attractiveness of unofficial currency exchange channels and foster a more transparent foreign exchange market.
The Bank has initiated actions to meet the foreign exchange demands of corporate institutions, thereby lessening the demand on commercial banks.
“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 sanitise the foreign exchange market,” he said.
The BoG has also advised all foreign exchange bureaus against advertising rates beyond their premises, particularly on social media platforms, to deter unauthorized activities and uphold market discipline.
“Foreign exchange bureau monitoring will be stepped up to ensure compliance with their regulatory framework. In line with this, all foreign exchange bureaus advertising rates outside their premises and on social media platforms must immediately desist from the practice,” he added.
The governor further added that “the Bank has set up a task force to monitor all the foreign exchange bureaus to ensure compliance. The foreign exchange market is also affected by sentiments and pronouncements made in this election year and we urge all to manage pronouncements which weakens confidence in the local economy.”
