The Director of Communications of the governing New Patriotic Party (NPP), Richard Ahiaghah, has called on the Bank of Ghana (BoG) to diligently fulfill its regulatory obligations in addressing the abuses within the Forex Bureau market, which directly impact the performance of the Cedi against major currencies. 

Mr Ahiagbah emphasised the need for proactive measures to counteract these challenges and stabilise the currency.

According to Mr Ahiagbah, currencies across the South Sahara Africa (SSA) region, including the Cedi, have been experiencing fluctuations due to the appreciating value of the dollar during the first quarter of 2024.

Currencies in the SSA Region have been faltering because the DOLLAR has appreciated much of the first quarter of 2024. The Ministry of Finance deserves commendations for containing the impact of an appreciating DOLLAR on the cedi thus far.

The Bank of Ghana must persistently…

— Richard Ahiagbah (@RAahiagbah) May 27, 2024

This trend has exerted pressure on local currencies, contributing to their depreciation against the dollar.

Despite these challenges, Mr Ahiagbah commended the Ministry of Finance for its efforts in mitigating the impact of the appreciating dollar on the cedi thus far. 

He acknowledged the ministry's role in implementing measures to cushion the cedi's performance amidst external market pressures.

"The Bank of Ghana must persistently discharge its regulatory mandate to deal with the flagrant abuses in the FX market that contribute directly to the cedi's performance. We are destined to overcome!" Mr Ahiagbah posted on X.

• Read also: Cedi depreciation: BoG forms taskforce to combat illegal forex market operators

In response to regulatory concerns, the Bank of Ghana (BoG) has established a taskforce dedicated to overseeing all foreign exchange bureaus and enforcing compliance with regulatory standards. 

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

The primary objective of this taskforce is to tackle the activities of illegal operators within the foreign exchange market and promote enhanced market transparency. 

By closely monitoring the operations of these bureaus, the BoG aims to mitigate unauthorised practices and foster a more regulated and transparent environment within the foreign exchange sector.

This proactive measure underscores the BoG's commitment to upholding regulatory standards and safeguarding the integrity of the foreign exchange market. 

By implementing stringent oversight mechanisms, the BoG seeks to reinforce confidence among market participants and ensure the stability and integrity of Ghana's foreign exchange operations.