- The Bank of Ghana has instructed all Exchange Offices to check for the Ghana Card before transactions
- This directive followed the launch of a central forex trading platform by the central bank
- The platform has been integrated into the National Identification System to control people who carry out transactions
The Bank of Ghana mandates all licensed Foreign Exchange Offices to check for Ghana cards before transacting with any person.
Foreigners should present their passport before such transactions can be completed.
According to a statement by the central bank, this directive will enter into force from 1 August 2024.
This directive followed Launch of the Bank of Ghana of a central currency trading platform to ensure the integrity and development of the financial system.
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“This initiative marks a milestone in the Bank’s efforts to ensure the safe and sound operation of the foreign exchange industry,” the central bank said.
The platform is integrated with the National Identification System to ensure that verified individuals carry out all purchases and sales of foreign currencies.
It will also be integrated into the national payment platform to support electronic payments and receipt of Ghana Cedis for foreign currency transactions at offices.
Ghana’s forex challenges
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 GHยข11.97 to a dollar in the interbank market and GHยข12.33 in the retail market, but is currently close to GHยข15 ยข.
This has prompted calls for action by the state from business groups such as the Ghana Traders Federation.
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Businesses have complained that the devaluation killed their business.
Call for dollarization of Ghana’s economy
YEN.com.gh he also reported that the Institute of Economic Affairs suggested adopting the dollar to protect the economy.
This means that Ghana will either have to completely abandon the use of the CEDI for the dollar or use the dollar and the cedi interchangeably.
Dr John Kwabena Kwakye, the institute’s director of research, said this would be temporary until the economy stabilizes.
Corrected by Bruce Douglas, Senior Copy Editor at YEN.com.gh
Source: YEN.com.gh