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.
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Story by: Osei Akoto (Teacher Kojo) #Ahotoronline.com
