Business & Finance

How BoG Intends to Sanitise Forex Market Amid Cedi Fall

In the face of the cedi depreciation, the Central Bank of Ghana says plans are far advanced to sanitise the forex market to deal with high demand for foreign exchange.

At a presser on May 27, 2024 the Governor of the Bank of Ghana (BoG), Dr Ernest Addison said these measures which includes streamlining the documentation requirements for foreign payments, would improve market conduct and instill sanity in the market.

This, is to render the in-formal forex markets of no effect.

“To deal with the high demand pressures on the foreign exchange market, the Bank has taken steps in the past few weeks to directly absorb foreign exchange needs of some corporate institutions, and this has led to a reduced pipeline demand for foreign exchange from the commercial banks.

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“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,” he outlined.

He further urged all foreign exchange bureaus advertising rates outside their premises and on social media platforms to desist from the practice.

According to him, an instituted task force will now monitor all the foreign exchange bureaux to ensure compliance.

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