The Ghana Association of Forex Bureaux has reported a decline in operations following the Bank of Ghana’s (BoG) directive requiring customers to present their Ghana Card before completing transactions.
The Central Bank announced in July 2024 that, effective August 1, 2024, all licensed Forex Bureaux must request the Ghana Card from customers before processing any transactions.
Dr. Alex Akpabli, Vice President of the association, mentioned in an interview with Citi News that many customers abandon their transactions when asked to present the Ghana Card.
He stressed the importance of increasing public awareness about the new directive to enhance business outcomes.
“You know the forex Bureaux are regulated which is directly from BoG.
So, we can’t say no. The effect is that we are complaining that it delays the process, and people come and they don’t want to do it.
Therefore, we are asking that there be a lot of education on the directive.
So, that it will not appear that it is us who are not complying. it is even affecting our business.
Our volumes of sales have dropped because of some of these directives. But going forward when the education is well articulated I think that things will change,” he stated
