‘Sanitise Forex Market’

Vice President of the Forex Bureaus Association of Ghana, has appealed to Bank of Ghana to deal with the activities of ‘Black market’ operators who pose a threat to their operations in recent times.

According to him, activities by the ‘Black market’ operators adversely affects the operations of the foreign exchange market.

“The challenge we are facing is that we have a parallel market. When someone comes to you with all these requirements, some Ghanaians are not ready to work with us and due to the competition with the ‘black market’.

He said the Bank of Ghana has to discuss such matters facing the association’s members especially how best it can collaborate with them to clamp down their activities.

Speaking in an interview with Joy News, he said the the association supports the move by BoG to clamp down on the activities of unlicensed forex bureaux.

He, however, said they had also met members of their association to desist from engaging in any acts that have the tendency lead to further depreciation of the Cedi.

“We have met our members and have had a fruitful discussion with them. They are now aware that it’s a regulated association, hence the need to comply with the rules and regulations,” he indicated.

The Bank of Ghana recently hinted of plans to close down forex bureaus operators who fail to comply with foreign exchange rules and regulations.