Starting tomorrow, August 1, anyone entering a forex bureau to buy or sell foreign currency will be required to undergo biometric verification.
Customers must also present either a Ghana card or a passport. This follows a new directive from the Bank of Ghana (BoG) mandating all forex bureaux in the country to use a newly launched centralised foreign exchange trading platform.
The new management software will be used for the buying and selling of foreign currencies, and forex bureaux will be required to issue electronic receipts for all transactions.
The BoG states that this initiative marks a significant milestone in its efforts to ensure the safe and sound operation of the foreign exchange business.
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The platform is expected to enhance oversight for bureau directors and management and improve the BoG’s monitoring and supervision of their operations in compliance with the Foreign Exchange Act, 2006 (Act 723), the Anti-Money Laundering Act, (Act 1044), and other relevant regulations.
However, there are concerns that the policy could deter people from using forex bureaux, especially those carrying substantial amounts of money.
With no public education campaign on the initiative, the public has just one day to adjust. Some market watchers fear this could drive people to the black market, undermining the initiative’s intent.
The directive has already generated anxiety among forex bureau operators, who worry that business may decline.
The BoG says the platform has been integrated with the National Identification System to ensure that all forex transactions are performed by verified individuals.
It will also be integrated with the national payment platform to support electronic payments and the receipt of Ghana Cedis for foreign currency transactions at forex bureaux.
