BoG Bans Forex Bureaux from Advertising Exchange Rates

The Bank of Ghana (BoG) has instituted a ban against the advertisement of exchange rates by forex bureaux in the country.

This was announced by the Governor of the Central Bank, Dr Ernest Addison on Monday, May 27, 2024, while announcing decisions of the Monetary Policy Committee (MPC) after their three-day meeting.

The ban is part of measures to improve market conduct and instill sanity in the market for foreign exchange.

This will be monitored by a task force set up by the Bank, he said.

“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 bureaux monitoring will be stepped up to ensure compliance with their regulatory framework.

“In line with this, all foreign exchange bureaux advertising rates outside their premises and on social media platforms must immediately desist from the practice.”