The Ghana Union Traders Association (GUTA) and the Association of Ghana Industries (AGI) have pledged to support moves by the Bank of Ghana to enforce its foreign exchange measures and regulations.

Speaking on PM EXPRESS BUSINESS EDITION on August 28, 2025, with host George Wiafe, the president of GUTA, Joseph Obeng, said the move by the Bank of Ghana is in the right direction, looking at the current challenges facing the economy, adding that “there is nowhere in the world where a foreign currency is the dominant legal tender for local transactions.”

“For us at GUTA, if it’s about compliance, that will happen when it comes to these revised Forex measures and guidelines,” the president of the GUTA said.

“Our local currency is doing well, and this is the time that everything must be done to aid its stability,” Joseph Obeng maintained.

He also rejected arguments that most of his members are caught up in the practice of quoting their prices in dollars.

In that regard, the president of the Association of Ghana Industries, Dr Humphrey Kwesi Ayim Darke, noted that the Bank of Ghana should be tough to ensure that the forex rules are complied with by businesses.

“For us we don’t see these measures as new, but the challenge has always been with the enforcement,” the AGI president stated.

He noted that “enforcing these measures will not be easy, but the Bank of Ghana must remain focused and tough.”

Background

The Bank of Ghana on August 27, 2025, announced an amendment to the guidelines on the importation and exportation of foreign currency from the country.

According to the Bank of Ghana, the directive is in line with anti-money laundering rules.

It reminded travellers that they cannot carry US$10,000.00 (or its equivalent in any other foreign currency and monetary instruments) without declaration.

The Bank of Ghana also reminded the public that unlicensed or unauthorised dealings in forex activities (black market transactions), pricing/quoting, advertising, issuing receipts, and receiving and/or making payments for goods and services in foreign currency, particularly the United States dollar in Ghana, are strictly prohibited under the Foreign Exchange Act, 2006 (Act 723).

Sustaining the cedi’s stability

Speaking at the same programme, senior economics lecturer Dr Adu Owusu Sarkodie described the current pressure on the cedi as expected following its sharp appreciation against the dollar.

“Enforcing the current forex regulation to ensure that the cedi is the only legal tender is prudent,” Dr Owusu Sarkodie said.

He was, however, worried about the timeline that these revised Forex Measures will take effect from Monday, September 1.