29. September 2022

Deal with ‘black market’ to bring sanity to forex market – Forex Bureau Association to BoG

bank of ghana

The Forex Bureau Association of Ghana has revealed a number of issues bedeviling its members operations, including the surge of ‘black market operators’ that require prompt response.

It, therefore, wants the Bank of Ghana to deal with the challenges the black market poses to the foreign exchange market and consequently the economy.

Speaking to Joy Business, Vice President of the Association, Dr. Alex Akpabli, pointed out that the activities of persons involved in the black market is affecting members of the association and the country at large.

He welcomed the Bank of Ghana’s move to clamp down on activities of licensed forex bureaus engaged in unauthorised business, but urged the regulator to address the many teething problems affecting the forex market.

“The challenge we are facing is that we have a parallel market. When someone comes to you with all these requirements, some Ghanaians are not ready to work with us and due to the competition with the ‘black market’ people they leave and go there which is bad”.

He reiterated the need to have a round table discussion with the Bank of Ghana to find lasting solutions to some of the problems confronting members of the association.

“We have a bigger challenge, so we want to seek audience with the authority for a conversation to have these issues dealt once and for all”, he stressed.

On the way forward, he said the association had met its members and instructed them to desist from engaging in any business that will cause the depreciation of the cedi.

“We have met our members and have had a fruitful discussion with them. They are now aware that it’s a regulated association, hence they need to comply with the rules and regulations”, he indicated.

The Bank of Ghana days ago said it has started investigations into some forex bureaus not complying with the foreign exchange rules and regulation.

The central bank thus indicated that it will not hesitate to close down any forex bureau culpable of such act.

 

SourceJames Eshun