Despite the Bank of Ghana’s urgent directive requiring all licensed foreign exchange bureaux to verify transactions using the Ghana Card, initial assessments by Citi Business News indicate widespread non-compliance among bureaux.
The directive, which promises to streamline currency exchange transactions, mandates that customers present their Ghana Card effective Thursday, August 1, 2024.
However, visits to multiple bureaux revealed inconsistent adherence to this requirement.
During these visits, several bureaux only requested the Ghana Card from customers after completing transactions.
Attendees were observed processing exchanges without verifying customer identification through the mandated card.
Additionally, many bureaux still need to update their systems to integrate with the new platform requirements.
Some claimed unfamiliarity with the directive, while others cited needing additional time to comply fully.
Off-the-record discussions with some dealers highlighted concerns about the directive’s potential impact on business operations.
Dealers expressed uncertainty about immediately enforcing the Ghana Card requirement, citing customer readiness and the potential loss of fees.
The directive, which aims to combat illicit forex activities and enhance financial transparency, has sparked debate within the financial sector.
Joe Jackson, Director of Operations at Dalex Finance, suggested alternative measures, such as stabilizing the cedi’s value and ensuring its accessibility, to deter grey market operations effectively.
“The grey market is the primary concern. Participants in this market are well aware of their activities.
To prevent them, we need a stable and accessible cedi,” Jackson emphasized.
He cautioned against measures that could drive forex activities further into informal channels, potentially exacerbating existing challenges.
As discussions continue, stakeholders are strongly urged to collaborate towards achieving a balanced regulatory framework that promotes market integrity while supporting financial inclusivity and stability.
