Forex Operators Agree To Operate New System

Accra Members of the Association of Forex Bureaux Operators today agreed to allow the new inter-forex bureaux rates system to operate while they find ways to plug its loopholes. They called on the Ministry of Finance and the Bank of Ghana (BOG) to support the new system in order to make it viable. These decisions were taken at an emergency meeting of the association in Accra today where the executive council explained the rationale behind the new system. Mr Akwasi Poku-Nyantakyi, secretary of the association, said the executive decided on the new rates to help reduce the high rise of the dollar and to save the cedi from further nose dives. He said the association is worried over the current fall in the rate of the cedi against the dollar which is undermining business houses and individuals. He noted that the current way of fixing the foreign exchange rates is unscientific and has no basis, except for a so-called demand and supply forces. Mr Poku-Nyantakyi said the association is in contact with the BOG and the Ministry of Finance to pledge their support for the new move, adding that the new rating system is scientific in that '' we will be using the inter-bank exchange rate as a basis to arrive at the new rate". He debunked the notion being held by some members that the new system will not work. "Let us give it some time to develop and see what comes out of it", he added.