BoG, police to crack down on black market foreign exchange dealers

The Bank of Ghana (BoG) has announced new steps to combat the activities of illicit foreign exchange operators and advance transparency in the foreign exchange market.

The Central bank’s Governor, Dr. Ernest Addison, announced during the 118th monetary policy statement on Monday, May 27, 2024, that the Ghana Association of Banks and his organization are working together to simplify the documentation requirements for international transfers.

This is anticipated to encourage a cleaner forex market and lessen the allure of illicit currency exchange methods.

Additionally, the BoG has moved to address corporate institutions’ foreign exchange needs, which has decreased the demand from commercial banks.
Furthermore, in order to stop illegal activity and uphold market discipline, the Bank has advised all forex bureaus not to advertise rates outside of their physical locations, particularly on social media sites.

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