President Nana Akufo- Addo earlier today October 30 met with forex bureau operators in Ghana as part of talks in line with the plummeting Ghanaian economy.
According to him, the state of the currency and the spiralling economic conditions are matters of great concern. This has necessitated his meeting with them.
President Akufo Addo further explained that the forex bureaus were mechanisms to fight black market operations in the country. Forex Bureaus were essential to the Ghanaian market when it opened up and liberalised into the global market.
However, the goal for forex bureau operations has not been achieved as Black market operations still control the supply and rate of foreign exchange of the country.
Forex bureaus are government-sanctioned means of exchanging and regulating foreign exchange. The Bank of Ghana is the regulator for forex bureaus and ensures that foreign exchange transactions are controlled and regulated.
Speaking at the meeting, a representative of forex bureau operators opined that speculations are part of the plummeting rate of the cedi as people try to make a windfall from the dwindling economic situation.
The president considers the activities of the black market as unacceptable as such, mechanisms are necessary to ensure that the formal sector comprising the banks and forex bureaus takes charge of foreign exchange transactions in Ghana.
