Bank of Ghana Withdraws receipt books to forex bureaux

THE Bank of Ghana (BOG) has begun withdrawing all sales receipt books issued to forex bureaux following the new measures on foreign exchange transactions intended to halt the decline of the cedi.

A statement issued by the BOG in Accra at the weekend said all old sales receipt books are to be surrendered to the head of the Non-bank Financial Institutions Department at Cedi House by Monday, May 15, for new ones.

Forex bureaux operating in the regions are to contact the regional offices of the bank for new receipt books.

There has been public outcry against the decline in the value of the cedi, especially around Easter, when the non-availability of the dollar in the system put pressure on the cedi compelling businessmen and women to buy the dollar between ?5,500 and ? 6,000.

This led to high prices of goods and services, prompting the public and opposition to exert pressure on the government to take measures to stem the decline.

Mr Kwame Peprah, Minister of Finance, announced a series of measures to stabilise the cedi.

He also said $50 million from the donor community had been received and another $150 million dollars was expected.

In wide-ranging measures being adopted to streamline the conduct of foreign exchange business in Ghana, the Central Bank reminded forex bureau operators that they are authorised to engage in "spot transactions" only.

"They should desist from accepting either cedis or foreign exchange deposits from any person or corporate bodies with the intent of obtaining or supplying foreign exchange or the cedi equivalent wholly or in part at a future date."

The bank said forex bureaux should desist from engaging in high volume Transactions, saying they are required to submit particulars of foreign exchange buyers to the Central bank at the end of every month.

"The returns should reach the Bank not later than 10 working days after the end of the month for which the report is being submitted."

The BOG reminded the bureaux that they shall not conduct business transactions at exchange rates different from those advertised on their notice boards.

The bank said all persons who buy foreign currency from forex bureaux will be required to provide identification in the form of either a passport, driving licence or voter's identification card.

"Such document would be verified by the bureau official who would also record the relevant particulars from it."— GNA.