The Bank of Ghana has put measures in place to start closing down licensed forex bureaus that flout sections of the foreign exchange law leading to a deleterious effect on the stability of the Ghanaian cedi.
Officials of the Central Bank have disclosed to Joy Business that stern measures have been put in place to punish such forex bureaus, including the closure of their operations if necessary.
The Bank of Ghana officials made this determination after embarking on field exercises to check the compliance of local bureaus with the foreign exchange law.
Head of Financial Stability at the Central Bank, Dr Joseph France, said the bank is carrying out numerous investigations into some complaints received about some forex operators who are flouting the laws.
It is believed that some operators are not issuing receipts and some are determining forward rates, actions which all lead to a cascading effect destabilising the cedi.
“We have started investigations into some complaints. We have heard that some don’t issue receipts and some are also determining forward rates which is bad. We will ensure that they all do good business,” Dr France said.
“When we are done with the investigations and it warrants to close their bureaus, we will do that to serve as a deterrent to others,”
He said this is one of many measures being put in place by the Central Bank to stabilise the free fall of the cedi.
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