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Forex Bureaus Lament New Ghana Card Directive For Transactions: “We Are Just Praying”
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Forex Bureaus Lament New Ghana Card Directive For Transactions: “We Are Just Praying”

by  Delali Adogla-Bessa 2 min read
  • The Ghana Association of Forex Bureaus has complained about the directive to check Ghana Cards before transactions
  • The vice president of the association expressed hope that education on the new policy improves
  • The directive from the Bank of Ghana came as part of the centralised foreign exchange trading platform

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The Ghana Association of Forex Bureaus says business has slowed down recently after the Bank of Ghana directed operators to check the Ghana Card before transactions.

The vice president of the group, Dr Alex Akpabli, said customers who come to transact business leave after being asked to present their Ghana Card for verification.

Forex Bureaus Lament New Ghana Card Directive For Transactions
Forex bureaus are now checking Ghana cards before transactions.
Source: Getty Images

Speaking to Joy News, Akpabli said this was hurting their profits.

He expressed hope to the station that education on the new policy would improve.

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"If people buy into this, I think it will change, but as we speak now, if someone walks into your bureaux and you ask them for a Ghana Card for verification, then they just move. I believe it will change but not now."
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As part of the centralised foreign exchange trading platform, the Bank of Ghana has directed all foreign exchange bureaus to check for the Ghana Card before transactions. This directive took effect on August 1, 2024.

Ghana's forex challenges

Due to the economic crisis, Ghana's forex struggles have intensified over the last two years.

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 over GH¢15.

This led to criticism from groups like the Ghana Federation of Traders. Businesses have complained that the depreciation has been very bad for business.

Read also

Elderly Ghanaian woman fumes after buying Gobε: "How is this GH¢7"

Bawumia suggests linking cedi to gold to ensure stability

YEN.com.gh reported that Vice President Dr Mahamudu Bawumia has hinted at a plan to link the cedi's value to gold.

This will be part of efforts to cushion the local currency against forex challenges from depreciation.

As of July 2024, the cedi had depreciated by over 19.6 percent against the dollar, negatively affecting fuel prices and inflation amid an economic downturn.

Proofread by Berlinda Entsie, journalist and copyeditor at YEN.com.gh

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Source: YEN.com.gh

Authors:
Delali Adogla-Bessa avatar

Delali Adogla-Bessa (Current Affairs Editor) Delali Adogla-Bessa is a Current Affairs Editor with YEN.com.gh. Delali previously worked as a freelance journalist in Ghana and has over seven years of experience in media, primarily with Citi FM, Equal Times, Ubuntu Times. Delali also volunteers with the Ghana Institute of Language Literacy and Bible Translation, where he documents efforts to preserve local languages. He graduated from the University of Ghana in 2014 with a BA in Information Studies. Email: delali.adogla-bessa@yen.com.gh.

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