The Ghana Association of Forex Bureaux has reported a recent decline in their operations following a directive from the Bank of Ghana (BoG) instructing operators to verify the Ghana Card before engaging in transactions with customers.
In a public notice issued in July 2024, the central bank announced that starting from August 1, 2024, all licensed Foreign Exchange Bureaux must require the Ghana Card for any transaction.
During an appearance on PM Express Business Edition, the association’s Vice President, Dr. Alex Akpabli, noted that customers often leave as soon as they are asked to show their Ghana Card.
“You know Forex Bureaux are profit oriented institutions and this particular policy that has come has slowed down our business. We are just praying as time goes on and the public education goes on, people will get to understand that if you walk to a bureaux you must use your Ghana Card or Passport. If people buy into this, I think it will change but as we speak now, if someone walks into your bureaux and you ask them for Ghana Card for verification, then they just move. I believe it will change but not now” he said.
Responding to accusations of the association contributing to the cedi depreciation, Dr. Akpabli described the claims as untrue and laughable.
He explained that the association is complying with all the directives from the Bank of Ghana.
“We are a regulated sector and we have license to buy foreign currency and sell. Whoever is putting blame on the association has gotten it completely wrong because what we do is to buy and sell so why should we be blamed as the cause of the depreciation. One of the problems leading to the fall of the cedi is capital flight, and we have so much foreign companies in the system. When they are repatriating profits they won’t take your Ghana Cedi”.
He pointed out that the real challenge lies with the multinational companies that repatriate all their profits in dollars.
“The big businesses are not in the hands of Ghanaians so if you want to blame us then it’s laughable because we are even helping and not contributing to the fall of the cedi. We are doing our best to comply with all the directives from the regulator”, he said.
The Bank of Ghana’s move on the Ghana Card directive for Forex Bureaux across the country was after it launched a centralized foreign exchange trading platform in line with its objective to ensure the integrity and development of the financial system.