Tag: forex bureau
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BoG revokes license of two popular forex bureaux in Accra
The Bank of Ghana has revoked the license of the Airport City Forex Bureau within the Atlantic Tower building and Trade House Forex Bureau Ltd, a popular forex bureau at the Marina Mall. The closure follows the failure of the operators to issue receipts and the breaching of Foreign Exchange laws in the country. The…
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Cedi depreciation: BoG, Police arrest over 70 ‘Black Market’ dealers
Officials of the Bank of Ghana, in collaboration with the Ghana Police Service, have arrested over 70 individuals and entities engaged in the business of buying and selling foreign exchange without a licence from the apex bank. The move follows a special operation conducted by the two institutions on foreign exchange parallel market operators, otherwise…
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Bank of Ghana to clamp down on forex bureaus trading illegally
The Bank of Ghana has disclosed plans to begin closing down forex bureaus flouting the laws governing foreign exchange operations. This is part of efforts meant to stop all market practices fueling the cedi’s fast depreciation. The local currency has crossed the GH¢10 to US$1 mark on the retail market. A visit by Citi Business…
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![‘Black market’ trade impeding cedi’s stability [Audio]](https://citibusinessnews.com/wp-content/uploads/2016/02/cedis-604x330-1.jpg)
‘Black market’ trade impeding cedi’s stability [Audio]
Forex bureau operators want the Bank of Ghana to clamp down on the growing operations of black marketers in the foreign exchange business. The illegal business has been cited as one of the major constraints to stabilizing the cedi. The comments come in the wake of debates on the need to stem the cedi’s losing…
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Cedi depreciates by 5% in 2017
Some currency analysts have predicted that the cedi’s depreciation is expected to continue, at least to the end of 2017. Citi Business News’ analysis shows a continuous streak of the local currency for a greater part of this year. For this year alone, the cedi has depreciated by about 5 percent on the interbank foreign…