Beginning August 1, anyone entering a forex bureau to buy or sell foreign currency in Ghana will be subject to biometric verification. Customers will also need to present either a Ghana Card or a passport.
This new directive from the Bank of Ghana mandates that all forex bureaux in the country use a newly launched centralized foreign exchange trading platform. The bureaux will be required to employ the new management software for transactions and issue electronic receipts to customers for all purchases and sales of foreign currencies.
The Bank of Ghana states that this initiative marks a significant milestone in ensuring the safe and sound operation of the foreign exchange business. “The platform will improve oversight for Directors and Management of bureaux and enhance the Bank’s monitoring and supervision of their operations in compliance with the Foreign Exchange Act, 2006 (Act 723) and the Anti-Money Laundering Act, (Act 1044), as amended, and other relevant notices and enactments,” the Bank added.
However, there are concerns that the policy could deter people from using forex bureaux, especially those carrying substantial amounts of money. With no public education on the initiative, the public has only one day to adjust, which some market watchers fear could drive people to the black market and undermine the initiative’s intent. The directive has already generated anxiety among forex bureaux operators, who fear a decline in business.
The Bank of Ghana asserts that the platform is integrated with the National Identification System to ensure all foreign currency transactions are conducted by verified individuals. It will also be connected with the national payment platform to support electronic payments and the receipt of Ghana Cedis for foreign currency transactions at bureaux.
