An economist, Dr Patrick Assuming, believes that the implementation of the Bank of Ghana\u2019s Forex Bureaux policy which took place Thursday [August 1, 2024] is likely to encourage more black market activities.<\/strong><\/p>\nThe\u00a0Bank of Ghana announced an update\u00a0to its foreign exchange trading system, introducing a centralised platform aimed at ensuring the integrity and development of the financial system.\u00a0<\/p>\n
Effective August 1, 2024, all licensed Foreign Exchange Bureaux in Ghana will be required to verify customer identities using Ghana Cards or Passports before conducting any transactions.<\/p>\n
This new platform is a major milestone in the Bank of Ghana\u2019s efforts to promote safe and sound operations within the foreign exchange market.\u00a0<\/p>\n
The initiative is designed to improve oversight for Directors and Management of the bureaux, and enhance the Bank\u2019s ability to monitor and supervise their operations in compliance with the Foreign Exchange Act, 2006 (Act 723), the Anti-Money Laundering Act, (Act 1044), and other relevant regulations.<\/p>\n
Speaking on Accra-based 3FM Thursday afternoon, August 1, 2024, Dr Assuming noted that even though the policy is aimed at addressing the \u2018dollarisation\u2019 of the Ghanaian economy, it may also offer a good boost to the black market operators in the\u00a0<\/strong>Forex market.<\/p>\nHis reason is that people might find the black market as an alternative to the formalised forex sector, noting that many business people prefer the rates of the black markets to that of the licensed markets.\u00a0<\/p>\n
He called for more measures to tighten the process of buying dollars in the country, pointing out that \u201cwe need more regulatory measures. Don\u2019t make it a norm that people can easily go on the market and buy dollars.\u201d<\/p>\n
graphic.com.gh <\/p>\n
<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"
An economist, Dr Patrick Assuming, believes that the implementation of the Bank of Ghana\u2019s Forex Bureaux policy which took place Thursday [August 1, 2024] is likely to encourage more black market activities. The\u00a0Bank of Ghana announced an update\u00a0to its foreign exchange trading system, introducing a centralised platform aimed at ensuring the integrity and development of […]<\/p>\n","protected":false},"author":1,"featured_media":205316,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-205315","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"\n
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