- Forex bureaux are experiencing a slowdown in business
- The Bank of Ghana introduced the directive in July 2024
- Customers are unwilling to provide their Ghana Card details
Ghana’s forex bureaux are experiencing a slowdown in business following the implementation of a mandatory Ghana Card requirement for transactions.
The Bank of Ghana introduced the directive in July 2024, requiring all licensed forex bureaus to verify customers’ identities using the Ghana Card before conducting any business.
Dr. Alex Akpabli, Vice President of the Ghana Association of Forex Bureaux, explained that the new policy has led to a significant drop in customer traffic.
Many customers are unwilling to provide their Ghana Card details and are opting to leave rather than complete the transaction.
The association has refuted claims that forex bureaus are contributing to the cedi’s depreciation, emphasizing their compliance with regulatory directives
Instead, they pointed fingers at multinational companies repatriating profits as the primary culprits behind currency instability.
The Bank of Ghana’s decision to enforce the Ghana Card directive aligns with its efforts to establish a centralized foreign exchange trading platform and enhance the integrity of the financial system.
