The Bank of Ghana has revealed plans to close the Foreign Exchange Bureau, flouting laws governing foreign exchange operations.
This is part of efforts to curb all market practices that promote rapid depreciation of Cedi.
The local currency has crossed the GH¢10 to US$1 mark in the retail market.
A visit by Citi Business News to some foreign exchange bureaus and banks within the capital shows that some are selling a dollar for GH9.98 while others are selling it for GH10.10.
The Bank of Ghana claims that the illegal actions of some of these forex operators have contributed to the volatility of Cedi.
Behind this, the head of financial stability at the bank, Dr. Joseph France, said that his organization would not hesitate to crack down on the activities of the Forex Bureau found guilty and illegally operating.
“Forex bureaus are governed by the Foreign Exchange Act (Act 723), but it has come to our attention that some forex bureaus are not complying with these simple rules, so the Bank of Ghana would like to assure the public that we Later there are those stubborn. We will throw them all out,” he said.
The BoG warning comes as a result of information collected by the central bank that some licensed forex bureaus in the country are flouting the rules and regulations governing their activities, some without issuing receipts or carrying ID cards. Selling or buying foreign exchange from customers – things that are mandatory in any transaction they do.
According to Dr. France, his organization has started an investigation into these findings and the Bureau will take necessary action if found guilty.