The Bank of Ghana (BoG) has established a taskforce to oversee all foreign exchange bureaus and ensure they comply with regulatory standards. 

This initiative was announced by the Governor of the Bank, Dr. Ernest Addison, during the 118th monetary policy statement on Monday, May 27, 2024.

The primary goal of this taskforce is to address the activities of illegal operators in the foreign exchange market and enhance market transparency. 

By monitoring these bureaus closely, the BoG aims to curb unauthorised practices and ensure a more regulated and transparent foreign exchange environment.

Additionally, the central bank is collaborating with the Ghana Association of Banks to streamline documentation requirements for foreign payments. 

Dr. Addison indicated that this effort is expected to diminish the attractiveness of unofficial currency exchange channels and foster a more orderly foreign exchange market.

To better address the foreign exchange needs of corporate institutions, the Bank of Ghana has implemented measures that reduce reliance on commercial banks. 

This strategic move is intended to stabilise the foreign exchange market and ensure that legitimate needs are met efficiently.

Furthermore, the BoG has issued a warning to all foreign exchange bureaus against advertising exchange rates outside their premises, particularly on social media platforms. 

According to the central bank, the directive aims to prevent unauthorised activities and maintain discipline within the market, ensuring that all operations remain within the bounds of regulatory compliance.

“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," he said.