The Bank of Ghana’s new directive requiring Ghana Cards or passports for foreign exchange transactions at forex bureaux has elicited mixed reactions from the public. Opinions gathered by The High Street Journal from the public and social media users reveal a range of views. While some support the idea of treating forex bureaux like banks, others doubt the measure will curb the cedi’s depreciation.
Starting August 1, 2024, all licensed forex bureaux must verify transactions with Ghana Cards or passport and collect biometric data from customers. This directive aims to enhance the security and transparency of forex transactions in the country and is part of broader efforts to stabilize the cedi, which is expected to face further pressure as importers place orders for Christmas.
One supporter of the new measure likened forex bureaux to traditional banks, saying, “Honestly, forex bureaux are like normal banks, and if you are going to withdraw money from the bank, they will probably need your ID, your Ghana Card. So, if this information is needed for foreign exchange, it’s good.” This sentiment reflects the belief that increased verification can secure financial transactions and reduce illicit activities.
However, skepticism remains about the directive’s effectiveness in stabilizing the cedi. Some fear it will drive customers away from licensed forex bureaux to black market operators. One citizen remarked, “Total nonsense if you ask me, but what do I know… They will kill the forex bureaux and grow the black markets, just my opinion.” Another commented, “Knee jerk reactions,” while others criticized the directive as poorly thought out: “These people are so cheap and lack deep thinking.”
The added hassle of biometric data collection is seen by some as a deterrent, pushing customers toward the anonymity and simplicity of black market transactions.
Comparisons have been drawn to a previous Mobile Money (MoMo) directive requiring Ghana cards for transactions, which was resisted and eventually replaced by linking Ghana Cards to MoMo numbers for verification. The anxiety surrounding that directive has resurfaced with this new one. As one social media user claimed, “The Ghana card itself was faulty, but it doesn’t guarantee the physical address because I did mine at Winneba and used some GPS address.”
With the new directive set to take effect in about 12 hours, The High Street Journal will be monitoring the first day of its implementation.
