BoG announces a plan to deal with the exchange rate and sets up a taskforce to deal with illegal forex traders

BoG announces a plan to deal with the exchange rate and sets up a taskforce to deal with illegal forex traders

The Bank of Ghana (BoG) has set up a taskforce to monitor all the foreign exchange bureaus to ensure compliance with their regulatory framework.

“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 sanitize the market,” Dr Ernest Addison, the Governor of the Bank of Ghana, told a press conference.

He said Foreign Exchange Bureau monitoring would be stepped up to ensure compliance with their regulatory framework.

In line with this, all foreign exchange bureaus advertising rates outside their premises and on social media platforms must immediately desist from the practice, he said.

More soon.