The Bank of Ghana has stated that regulated forex bureaus that are not in compliance with the foreign exchange rules would be closed down soon.
Officials from the Central Bank revealed this to Joy Business after conducting field exercises to assess compliance with several agencies in the city.
There is a perception that certain operators’ activities have aided in currency market speculation, which has a negative impact on the stability of the cedi.
Dr Joseph France, the Central Bank’s head of financial stability, stated that his office will not hesitate to halt the operations of any currency bureaus proved to be at fault and engaged in unlawful activity.
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The Central Bank, he said, has initiated an inquiry into the numerous complaints received about some forex bureaus that are not operating in accordance with the regulations governing foreign exchange.
He also highlighted that some currency bureaus fix forward rates incorrectly and fail to give receipts.
“We have started looking into certain complaints.” We’ve heard that some don’t give receipts and that others set forward rates, which is problematic. We will make certain that they all perform well.”
“We will close their bureaus to act as a deterrence to others when we are done with the investigations and it justifies it,” he added.
According to the Bank of Ghana, this is one of the steps being taken to curb the cedi’s fast devaluation.
As a result, it urged all regulated forex bureaus in the nation to follow foreign exchange legislation.
Source- JoyBusiness
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