- The Association of Forex Bureaus of Ghana has complained about the directive to check Ghanaian cards before trading
- The club’s vice president expressed hope that training for the new policy would improve
- The directive from the Bank of Ghana came as part of the central forex trading platform
The Association of Exchange Bureaus of Ghana says business has recently slowed down after the Bank of Ghana instructed operators to check the Ghana Card before transactions.
The vice president of the group, Dr. Alex Akpabli, said customers who come to transact leave after being asked to present their Ghana Card for verification.
Speaking to Joy NewsAkpabli said this was hurting their profits.
He expressed hope to the station that training for the new policy will improve.
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“If people buy this, I think it will change, but as we speak, if someone walks into your offices and you ask them for a Ghana card for verification, then they just move. I believe it will change, but not now.”
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. This directive entered into force on 1 August 2024.
Ghana’s forex challenges
Due to the economic crisis, Ghana’s foreign exchange struggles have intensified over the past two years.
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 over GH¢15.
This has led to criticism from groups such as the Ghana Traders Federation. Businesses have complained that the depreciation was too bad for business.
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Bawumia suggests pegging the cedi to gold to ensure stability
YEN.com.gh reported that Vice President Dr Mahamudu Bawumia hinted at a plan to peg the value of the cedi to gold.
This will be part of efforts to protect the local currency against the challenges of currency devaluation.
As of July 2024, the cedi had depreciated by more than 19.6 percent against the dollar, weighing on fuel prices and inflation amid an economic downturn.
Corrected by Berlinda Entsie, journalist and copy editor at YEN.com.gh
Source: YEN.com.gh