Ghana forex bureaus association call for regulatory review

The Ghana Association of Forex Bureaux (GAFORB) urges the Bank of Ghana (BoG) to review its recent regulatory framework governing the operations of forex bureaus in the country.

As per the association, the current regulations are stringent regulations that limit creativity and growth within the sector.

During an exclusive interview with Joy Business’s James Eshun, Dr. Alex Akpabli, President of GAFORB,  raised worries about how the current operational limitations are which is affecting resilience and market position  of forex bureaux in  the country. Dr. Akpabli stated “We have been caged by the existing regulations. There is a pressing need to reassess the operational guidelines to reflect modern-day realities and market demands.”

He explained that because Forex bureau regulations Ghana oversight is essential for financial security in the financial system, a more flexible, technology-based solutions would improve openness, enhance customer experience, and position forex bureaus as major stakeholders in Ghana’s financial sector.

Dr. Akpabli added that “The Bank of Ghana must begin to consider allowing us to adopt and integrate more digital solutions. We believe the use of technology will not only enhance compliance but also help curb black market activities.”

The Ghana Association of Forex Bureaux (GAFORB) suggested that the central bank must engage major industry stakeholders to evaluate the effectiveness of the current policies. The association thinks this step would foster innovation, increase access to authorized currency exchange services, and  match up with the financial systems of our country Ghana with global best practices.

A lot of Forex bureau regulations Ghana operate under strict regulations that limit certain digital payment methods and development, a situation GAFORB believes this will hinder their competitiveness versus informal rival.

He again said that “We are ready to comply with any regulatory updates, but they must be practical and designed with the future in mind.”

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