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Bank of Ghana sets up task force to monitor illegal operators in forex market

Business

27 days ago
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The Bank of Ghana (BoG) has set up a task force to monitor all foreign exchange bureaus to ensure compliance with their regulatory framework.

The Governor of the Bank, Dr. Ernest Addison, announced this during the 118th monetary policy statement on Monday, May 27, 2024.

The move is aimed at tackling the operations of illegal operators in the foreign exchange market and promoting transparency in the market.

The Central Bank also stated its collaboration with the Ghana Association of Banks to streamline documentation requirements for foreign payments.

This, according to Dr Addison,  is expected to reduce the appeal of unofficial currency exchange channels and promote a cleaner foreign exchange market.

The Bank has taken steps to engage the foreign exchange needs of corporate institutions, 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 unauthorised activities and maintain market discipline.

“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: Citinewsroom