Director of Communications for the governing New Patriotic Party (NPP), Richard Ahiagbah, has urged the Bank of Ghana (BoG) to diligently fulfil its regulatory obligations to address abuses within the Forex Bureau market, which directly impact the performance of the Cedi against major currencies.
Mr Ahiagbah emphasized the need for proactive measures to counteract these challenges and stabilize the currency.
Mr Ahiagbah noted that currencies across the Sub-Saharan Africa (SSA) region, including the Cedi, have been experiencing fluctuations due to the appreciating value of the dollar during the first quarter of 2024.
This trend has exerted pressure on local currencies, contributing to their depreciation against the dollar.
Despite these challenges, Ahiagbah commended the Ministry of Finance for its efforts in mitigating the impact of the appreciating dollar on the cedi. He acknowledged the ministry’s role in implementing measures to cushion the cedi’s performance amidst external market pressures.
“The Bank of Ghana must persistently discharge its regulatory mandate to deal with the flagrant abuses in the FX market that contribute directly to the cedi’s performance. We are destined to overcome!” Mr Ahiagbah posted on X.
Responding to regulatory concerns, the Bank of Ghana (BoG) has established a task force dedicated to overseeing all foreign exchange bureaus and ensuring compliance with regulatory standards. Dr. Ernest Addison, the Governor of the Bank, announced this during the 118th monetary policy statement on Monday, May 27, 2024.
The primary objective of this task force is to address the activities of illegal operators within the foreign exchange market and promote enhanced market transparency.
By closely monitoring the operations of these bureaus, the BoG aims to mitigate unauthorized practices and foster a more regulated and transparent environment within the foreign exchange sector.