Bank Of Ghana Directs All Forex Bureaus To Check Ghana Cards During Transactions From August 1
- The Bank of Ghana has directed all Foreign Exchange Bureaus to check for the Ghana Card before transactions
- This directive followed the launch of a centralised foreign exchange trading platform by the central bank
- The Federation of Trader’s Deputy Communications Director, David Kojo Amoateng, backed the move by the Bank of Ghana in a YEN.com.gh interview
The Bank of Ghana is mandating that all licensed Foreign Exchange Bureaus check for Ghana cards before transacting business with any person.
Foreigners will be required to present their passport before similar transactions are completed.
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According to a statement from the central bank, this directive will take effect from August 1, 2024.
This directive followed the Bank of Ghana's launch of a centralised foreign exchange trading platform to ensure the integrity and development of the financial system.
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“This initiative marks a milestone in the Bank’s efforts to ensure safe and sound operations of the foreign exchange business”, the central bank said.
The platform has been integrated with the National Identification System to ensure that verified individuals make all foreign currency purchases and sales.
It will also be integrated with the national payment platform to support electronic payments and the receipt of Ghana Cedis for foreign currency transactions at bureaus.
The Ghana Federation of Traders' Deputy Communications Director, David Kojo Amoateng, backed the Bank of Ghana's move in a YEN.com.gh interview.
"I think it is a step in the right direction. I think it is about time," he said.
Ghana's forex challenges
This directive comes amid Ghana's forex struggles, which have intensified over the last two years due to the economic crisis.
The cedi has depreciated by over 15 percent against the dollar in 2024. It began the year trading at GH¢11.97 to a dollar on the interbank market and GH¢12.33 on the retail market but is currently nearing GH¢15.
This has prompted calls for action from the state by business groups like the Ghana Federation of Traders.
Businesses have complained that the depreciation has been killing their businesses.
Call to dollarise Ghana's economy
YEN.com.gh also reported that the Institute of Economic Affairs has proposed adopting the dollar to protect the economy.
This means Ghana would have to either abandon use of the cedi entirely for the dollar or use the dollar and cedi interchangeably.
Dr John Kwabena Kwakye, the institute's research director, said this would be temporary until the economy stabilised.
Proofread by Bruce Douglas, senior copy editor at YEN.com.gh
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Source: YEN.com.gh
