The Bank of Ghana(BoG) is appealing to industry stakeholders and members of the Committee for Co-operation between the Law Enforcement Agencies and Banking Community (COCLAB) to support initiatives put in place to sanitise the Forex Bureau market.
Speaking at the COCLAB, workshop in Accra, Second Deputy Governor of the Bank of Ghana, Elsie Addo Awadzi in making the appeal assured that the central bank is committed to enhance its effective collaboration with the law enforcement agencies to clamp down on illegal operators.
“I strongly appeal to your good selves to support Bank of Ghana’s efforts to sanitize the forex bureau sector, by strictly enforcing existing rules for the fair and transparent conduct of business by licensed forex bureaus, and by clamping down on illegal forex operations (the so-called black market).”
She assured that the central bank will do all it can to provide support for stakeholders to enforce the laws in the forex market.
“While Bank of Ghana regulates the sector, it relies on criminal investigation and law enforcement agencies including COCLAB to help with enforcement efforts. We count on your cooperation especially now more than ever to help restore order and fair pricing to promote the Ghana cedi’s stability” she stressed.
The Black market has been contributing to the free fall of the local currency in recent times according to many Analyst.
The Second Deputy Governor believes that effective collaboration with stakeholder can help deal with the challenge.