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    Ghana’s total exports decline by 9%

    Cedi depreciates against the dollar by 22.5%

    Financial sector withstood 2022 shocks; positive signs ahead – BoG

    Water shortage to hit parts of Accra; businesses to be affected

    Excise tax amendment shows positive signs; rakes in GHS 140m 

    Ghana records over $200m trade surplus in two months

    Public debt hits GHS 575.5 billion; now 71.9% of GDP

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    Cedi depreciates against the dollar by 22.5%

    Financial sector withstood 2022 shocks; positive signs ahead – BoG

    Water shortage to hit parts of Accra; businesses to be affected

    Influx of Chinese tanker trucks will kill local businesses – Kwame Jantuah

    GRA fights off claims of harassing traders; calls for cooperation

    Hanno Barkhoff joins Kempinski Hotel Gold Coast City Accra as General Manager

    WTO Director-General calls for ratification of Fisheries Subsidies Agreement

    B5 Plus is an iconic testament of success of 1D1F initiative – K.T. Hammond

    BoG advised me to streamline Menzgold operations – NAM 1

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    New study reveals alarming food access disparity affecting 650 million Africans

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    ECO currency challenges: Technical committee attributes delays to external shocks, others

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BoG must enforce regulations on informal forex trading – Prof. Quartey

byBobbie Osei
June 28, 2022
in Banking And Finance, Local Economy, News, Top Stories
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Economics Professor and the Director of the Institute of Statistical, Social and Economic Research, Prof. Peter Quartey has bemoaned the seeming lack of action against persons engaged in the illegal trade of foreign exchange, especially the US Dollar, in different parts of the country.

According to him, the informal foreign exchange market is contributing to the volatility in the space.

A Bank of Ghana notice dated April 5, 2022, reminded the public that in accordance with the Foreign Exchange Act, 2006 (Act 723), companies, institutions and individuals are prohibited from, among other things, engaging in foreign exchange business without a license issued by the Bank of Ghana.

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According to the Central Bank, such violations are punishable on summary conviction, by a fine of up to seven hundred (700) penalty units or a term of imprisonment of not more than eighteen (18) months, or both.

The Central Bank thus cautioned the general public to desist from dealing in illegal forex activities (black market transactions), pricing, advertising, receipting or making payments for goods and services in foreign currency in Ghana, without the requisite licence or authorization from Bank of Ghana.

But speaking on the matter, the Director of the Institute of Statistical, Social and Economic Research, Prof. Peter Quartey urged the Bank of Ghana to take action against the informal foreign exchange market.

“It’s only in Ghana and a few other countries that you can walk to a corner and get foreign exchange without any identification. You cannot just do that in other places. In our case, it is free for all. People just fly in or come across the borders to get forex and go out with it. These days they even operate on okada and would come and supply forex to you once you call them. I don’t think that is the way to go.”

“The informal forex market is driving some of the volatility we are seeing in the sector and I think it’s about time the Bank of Ghana enforces its regulations regarding the informal forex market,” he added.

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