The Bank of Ghana (BoG) has established a task force to examine all foreign exchange bureaus for compliance with its regulatory framework. Dr. Ernest Addison, Governor of the Bank, revealed this during the 118th Monetary Policy Statement on Monday, May 27, 2024. The action is intended to combat unlawful activity in the foreign exchange market while also boosting market transparency. The Central Bank has announced a collaboration with the Ghana Association of Banks to reduce documentation requirements for overseas payments.
Dr. Addison states that this should encourage a cleaner foreign exchange market and lessen the appeal of illegitimate currency exchange methods. By addressing corporate institutions’ foreign exchange needs, the Bank has lessened the demand from commercial banks. In order to avoid unauthorised activity and uphold market discipline, BoG has also advised all foreign currency bureaus against promoting rates outside of their locations, particularly on social media sites.
“The Bank is collaborating with the Financial Intelligence Centre to sanitise the foreign exchange market, and it is fully aware of the activities of illicit operators in the market. The oversight of foreign exchange bureaus will be intensified to guarantee adherence to their set of regulations. Accordingly, all foreign exchange bureaus that advertise rates on social media and outside of their locations are required to stop doing so right away.
“To ensure compliance, the Bank has formed a task group to oversee all foreign exchange offices. This election year’s attitudes and statements have an impact on the foreign exchange market as well, so we implore everyone to control statements that erode trust in the regional economy.
below is the press conference by the Bank of Ghana:
