The Bank of Ghana (BoG) has directed all Forex Bureaus in the country to demand Identification Cards (IDs) before engaging in forex transaction.
This is contained in the Central Bank’s new directives aimed at helping regulate the forex bureaux sector.
The directive also requires forex bureaus to capture all transactions electronically and submit to the regulator within five working days after the end of every month.
Starr Business gathers this could be one of the measures being adopted by the regulator to address the local currency from depreciating further.
The Central Bank warned that it will revoke licenses of Forex bureaus that fail to comply with the new directives.
Below is the new directive.
As part of measures to enforce compliance by all licensed Forex Bureau with the Forex Bureau Regulations issued in accordance with the Foreign Exchange Act, 2006 (Act 723),and the provisions of the Anti-Money Laundering Act,2008 (Act 749)as amended, the Bank of Ghana announces for the information of all licensed Forex Bureaux and the General Public the following:
1. All purchases and sales of forex must be captured electronically and receipted accordingly by licensed Forex Bureaux.
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