The Bank of Ghana (BoG) has established a task force to oversee all foreign exchange bureaus.
This was announced by Dr. Ernest Addison, the Governor of the Bank, in the 118th monetary policy statement delivered on Monday, May 27, 2024.
This initiative is geared towards addressing the activities of unauthorized entities within the foreign exchange market and fostering greater transparency within the sector.
Also, the Central Bank has disclosed its partnership with the Ghana Association of Banks to simplify the documentation prerequisites for foreign transactions.
Dr. Addison said this measure will diminish the attractiveness of informal currency exchange avenues and foster a more transparent foreign exchange market.
Furthermore, the Bank has proactively addressed the foreign exchange requirements of corporate entities, thus alleviating pressure on commercial banks.
In addition, the BoG has issued a warning to all foreign exchange bureaus against advertising rates beyond their physical premises, particularly on social media platforms, to curb unauthorized practices and uphold market integrity.
“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. 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.”
“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.”
Source: Adomonline