Stop public advertisement of foreign exchange rates – BoG directs forex bureaus

To curb speculation about the cedi's performance against major trading currencies, the Bank of Ghana (BoG) has directed forex bureaus to refrain from advertising exchange rate figures outside their premises and on social media.

To address this issue, the central bank has established a task force to monitor all foreign exchange bureaus across the country to ensure strict compliance with their regulatory framework.

The task force, known as the Foreign Exchange Bureau Monitoring team, will ensure that stakeholders in the foreign exchange market adhere to the Central Bank's directive.

During a press briefing in Accra on May 27, BoG Governor Dr. Ernest Addison stated that the task force will also work to eliminate illegal operators from the foreign exchange market.

“The Bank is fully aware of the operations of illegal operators in the foreign exchange market and is working with the Financial Intelligence Centre to sanitise the foreign exchange market. The Foreign Exchange Bureaux Monitoring will be stepped up to ensure compliance with their regulatory framework,” the BoG Governor said.

“In line with this, all foreign exchange bureaus advertising rates outside their premises and on social media platforms must immediately desist from the practice. The Bank has set up a task force to monitor all the foreign exchange bureaux to ensure compliance,” Dr Addison stressed.

The Central Bank believes that the depreciation of the cedi and recent developments in the foreign exchange market have been largely driven by sentiments and public statements.

“We urge all to manage pronouncements which weaken confidence in the local economy,” Dr Addison urged.

MA/EK