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Initial checks by Citi Business News show that some foreign exchange bureaux have yet to fully comply with the Bank of Ghana’s new directive on transactions.
The directive, which came into effect on Thursday, August 1, 2024, requires all licensed foreign exchange bureaux to apply for a Ghana Card before completing any transactions.
During our visits to various bureaus, we discovered that a Ghana card was not required before conducting transactions.
We found that customers did not present their Ghanaian cards when exchanging currency and staff processed the transactions without verifying their identities through Ghanaian cards.
Such inconsistencies were found in several offices visited.
Additionally, many bureaus have yet to update their systems to comply with the new platform.
Some claimed they had not heard of the directive, while others said they would need until the end of the week to fully comply.
It has been observed that some people are making transactions without entering their card details into any system.
Citi Business News observed some dealers asking to hold the card but proceeding with transactions when customers indicated they did not have the card.
Some dealers privately told Citi Business News they were concerned about the impact on their business, noting they were already struggling to attract customers.
They mentioned that they were unsure whether they could immediately remove the fees charged for the Ghana Card requirement and said they would need about a week to make customers aware of the situation before insisting on the new rules.
The Bank of Ghana explained that the directive is aimed at curbing illegal foreign exchange activities and promoting financial accountability.
Joe Jackson, operations director at Dalex Finance, suggested stabilising the cedi and ensuring its availability as more effective measures to stop grey market operations.
“The grey market is the problem. People involved in the grey market know themselves very well. The only way to keep people out of the grey market is to stabilize the cedi and make it widely available.”
“Not allowing foreign exchange bureaus to advertise is a trap. We want it to be competitive so that customers and clients can choose where the exchange rate is the lowest, thus maintaining market stability. Not requiring them to advertise their exchange rates will only make them deeper into the grey market and compound the problem.”
citinewsroom.com
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