Two Forex Bureaus operating within Accra have had their licenses of operation withdrawn by the Bank of Ghana for breaching the foreign exchange laws and failing to stop issuing receipts even though they were warned weeks ago by the Central Bank.
The Head of the Other Financial Institutions Supervision Department at the Bank of Ghana, Yaw Sarpong, stated that the exercise was carried out to ensure sanity in the forex market. He further indicated that this was not just a one-off exercise. Instead, it is expected to continue across various parts of Accra, the nation's capital.
The two Forex Bureaus which were affected are the Trade House forex Bureau located at the Marina Mall and the Airport City Forex Bureau, in the Atlantic Tower building. The two were said to belong to the same owner according to officials of the Bank of Ghana.
Mr. Yaw Sarpong while briefing the press present submitted that “These two forex bureaus are under the same ownership and if you could remember a few weeks ago we issued a warning to them. They have been found not complying with the foreign exchange laws”.
He went on to say that they were not done and will soon go after operators of the black markets across the capital city. “We are not done. We will continue clamping down on activities of those operating within the black market in the coming days”.
Some Ghanaians reacting to the development believe the move was only for the cameras and that it will not change the situation. They believe the fall of the cedi has major underlying factors that rather needs to be dealt with.
Has the Bank of Ghana acted a little too late? Will their actions have a positive impact on the falling cedi? We wait to find out.
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