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.
Latest Stories
- We don’t conduct ourselves in military style unless there’s a cause – Kissi Agyebeng
2 hours - Report calls for protection of minority groups from harm and ridicule
2 hours - ISSER demands investment in women’s political campaigning to achieve gender equality in Ghana
2 hours - Photos: Hitz FM ‘Rep Ur Jersey’ underway at Aviation Social Centre
3 hours - Gyakye Quayson is ready to sacrifice for his constituents even if he’s jailed after by-election – Yammin
3 hours - Special Prosecutor must be allowed to carry out his work- Gary Nimako
3 hours - IMF programme: There is Light Ahead – Council of State Chair to Ghanaians
3 hours - NSMQ23: 3-member Goka team breaks 30-year jinx to land national championship
3 hours - Study reveals Ghana’s population could double in about 30 years
3 hours - We are praying for Special Prosecutor to succeed – Kofi Bentil
3 hours - It was a ‘luck-less coincidence’ – OSP on timing of Prof. Frimpong-Boateng’s arrest
5 hours - Police investigating Akonta Mining – Media Coalition Against Galamsey
6 hours - Ghana faces threat of desertification, urgent action needed – ISSER report
6 hours - I respect Prof. Frimpong-Boateng but I have a charge to keep – Special Prosecutor
7 hours - I will come after you if corruption allegations are made against you – Special Prosecutor warns
7 hours