According to President Akufo-Addo, actions being taken to stop the cedi’s depreciation will not stop, and this includes shutting down forex operators who are not in compliance.
In his speech to the country on October 30, 2022, President Akufo-Addo promised that the government will not give up on efforts to prevent the cedi from losing value relative to other major currencies.
“In fact, actions have been made to bring order back to the foreign exchange markets, and we are already starting to notice a restoration of calm.
We won’t give up until the order is fully reinstated. The following steps have already been taken:
“Enhanced supervisory action by the Bank of Ghana in the forex bureau markets and the black market to flush out illegal operators, as well as ensuring that those permitted to operate legally abide by the market rules.”
According to him, “already some forex bureaus have had their licenses revoked, and this exercise will continue until complete order is restored in the sector;
“Fresh inflows of dollars are providing liquidity to the foreign exchange market, and addressing the pipeline demand;
“The Bank of Ghana has given its full commitment to the commercial banks to provide liquidity to ensure the wheels of the economy continue to run in a stabilized manner, till the IMF Programme kicks in and the financing assurances expected from other partners also come in.”
Meanwhile, the Bank of Ghana has revoked the license of Trade House and Airport City Forex Bureaux Limited in Accra effective October 27, 2022.
The move is in accordance with the provisions of Sections 11 (1) and 12 (f) of the Foreign Exchange Act 2006 (723).
Also, the action was based on the Non-compliance with rules governing the operations of the foreign exchange bureau including directives on customer identification and issuance of electronic receipt (Bank of Ghana Notice Number: BG/GOV/SEC/2018/16),
(i)The Bank of Ghana reserves the right to revoke the license of any forex bureau if: in the Bank’s opinion, the conduct of any forex bureau is detrimental to the success of the Forex Bureau Scheme.