A task group has been established by the Bank of Ghana (BoG) to oversee all foreign exchange bureaus and guarantee adherence to their regulatory policies.

This was declared by Bank Governor Dr. Ernest Addison on Monday, during the 118th Monetary Policy Statement.

The move is intended to combat illicit traders’ activities in the foreign exchange market and advance market transparency.

Additionally, the Central Bank announced that it is working with the Ghana Association of Banks to simplify the documentation needed for international transfers.

Dr. Addison states that this should encourage a cleaner foreign exchange market and lessen the appeal of illegitimate currency exchange methods.

By addressing corporate institutions’ foreign exchange needs, the Bank has lessened the demand from commercial banks.

In order to avoid unauthorized activity and uphold market discipline, BoG has also advised all foreign exchange bureaus against promoting rates outside of their locations, particularly on social media sites.

“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. Foreign exchange bureau monitoring will 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.”

“The Bank has set up a task force to monitor all the foreign exchange bureaus to ensure compliance. The foreign exchange market is also affected by sentiments and pronouncements made in this election year and we urge all to manage pronouncements which weakens confidence in the local economy.”