The Ghana Association of Forex Bureaux (GAFORB) is calling on the Bank of Ghana (BoG) to adopt a more tech-friendly regulatory approach to forex trading, arguing that outdated rules are limiting innovation and fueling black market activities.
“The Bank of Ghana must begin to consider allowing us to adopt and integrate more digital solutions,” said Dr. Alex Akpabli, President of GAFORB, in an exclusive interview with Joy Business. “We believe the use of technology will not only enhance compliance but also help curb black market activities.”
According to Dr. Akpabli, modernizing the current regulatory framework to allow for digital transactions, recordkeeping, and tech-enabled service delivery would improve transparency and make licensed forex bureaus more competitive.
GAFORB maintains that while regulatory oversight remains important, current restrictions are overly rigid and risk pushing more forex activity into informal and unregulated spaces. Presently, forex bureaus are barred from adopting several forms of digital expansion, leaving them at a disadvantage compared to tech-savvy informal operators.
To move forward, GAFORB is urging the central bank to initiate an inclusive review process of its current regulatory framework, one that brings industry stakeholders to the table to shape practical, forward-looking policies.
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“We are prepared to embrace any new regulations, as long as they are realistic and geared toward the future,” Dr. Akpabli noted.
