Cedi: Closure of Forex Bureaux for non compliance will go on - Akufo-Addo | 3News.com

Mr Akufo-Addo said in his address to the nation on Sunday October 30 that “The following actions have been taken thus far: 1) enhanced supervisory action by the Bank of Ghana in the forex bureau markets and the black market to flush out illegal operators, as well as ensuring that those permitted to operate legally abide by the market rules.”

“The Bank of Ghana has given its full commitment to the commercial banks to provide liquidity to ensure the wheels of the economy continue to run in a stabilized manner, till the IMF Programme kicks in and the financing assurances expected from other partners also come in;

“Government is working with the Bank of Ghana and the oil producing and mining companies to introduce a new legal and regulatory framework to ensure that all foreign exchange earned from operations in Ghana are, initially, paid to banks domiciled in Ghana

“The Bank of Ghana will enhance its gold purchase programme.”

In accordance with the provisions of Sections 11 (1) and 12 (f) of the Foreign Exchange Act 2006 (723), the Bank of Ghana has revoked the licence of Trade House and Airport City Forex Bureaux Limited effective October 27, 2022.

This was based on the Non-compliance with rules governing the operations of foreign exchange bureaux including directive on customer identification and issuance of electronic receipt (Bank of Ghana Notice Number: BG/GOV/SEC/2018/16), (i)The Bank of Ghana reserves the right to revoke the licence of any forex bureau if: in the Bank’s opinion, the conduct of any forex bureau is detrimental to the success of the Forex Bureau Scheme;

According to the Head of Other Financial Institutions Supervision Department at the Bank of Ghana, Yaw Sapong, the exercise targeted at ensuring sanity in the forex market is expected to continue across the capital city, Accra in the Greater Accra region.