- The Ghana Traders Federation has advocated the creation of a central forex trading platform
- The Federation’s Deputy Director of Communications told YEN.com.gh that he hopes for a positive impact on foreign exchange businesses
- The Bank of Ghana has instructed all Foreign Exchange Offices to check for the Ghana Card before transactions, among others
The Ghana Dealers Federation supports the Bank of Ghana’s move to establish a centralized foreign exchange trading platform.
said the Federation’s Deputy Director of Communications, David Kojo Amoateng YEN.com.gh he hoped this would lead to a liquidation of the currency exchange business.
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The agency has been critical of the central bank’s monitoring of the foreign exchange sector.
“From the things we’ve been telling them, it looks like they’re starting to do a thing or two about them.”
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Amoateng hopes that the Bank of Ghana can begin to weed out black market operators from the foreign exchange sector.
“The law is on your side and as soon as you want to catch people, you can do it,” he said.
However, he said he would prefer black market operators to be legalized and not go bust so they can register their businesses and collect tax revenue.
“Me, I’m a businessman. I don’t want a situation where someone has started their business and you go and tear it down… sometimes, we rush to pull a business down and tear it down.”
As part of the central exchange trading platform, the Bank of Ghana has instructed all Exchange Offices to check for the Ghana Card before transactions.
According to a statement from the central bank, this directive will enter into force from 1 August 2024.
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Ghana’s forex challenges
YEN.com.gh he said this directive comes amid Ghana’s foreign exchange struggles, which have intensified over the past two years due to the economic crisis.
The cedi has depreciated more than 15 percent against the dollar in 2024. It started the year trading at GH¢11.97 to a dollar in the interbank market and GH¢12.33 in the retail market, but is currently close to GH¢15 ¢.
This has prompted calls for action by the state from business groups such as the Ghana Traders Federation.
Businesses have complained that the devaluation killed their business.
Source: YEN.com.gh
