Assoc. of Forex Bureaux to meet BoG over forex guidelines

The Ghana Association of Forex Bureaux has met to discuss the recent guidelines issued by the Bank of Ghana over the operations of Foreign Exchange Accounts (FEA) and Foreign Currency Accounts (FCA).

The Association resolved to meet the Central Bank regarding members' concerns with the guidelines, its president told TV3’s Kweku Temeng on Monday, February 10, 2014.

Dr Kwesi Fosu Gyabaa did not mince words by pointing out that the new regulations will not augur well for genuine forex business though most of the measures are not new to the Association’s members.

“I think it is not something that is good for us…especially when you are asking that anybody who brings in forex for us to buy, we should write all his particulars,” Dr Gyabaa bemoaned.

He said the Association will capitalize on its good relationship with the Central Bank and make its concerns known.

“I don’t think it defines good business,” he stressed.

Key among the Central Bank’s regulations is that cash withdrawals over the counter shall not exceed $10,000 or its equivalent incontrovertible foreign currency per person, per travel.

According to Dr Gyabaa, that directive will simply push people into the black market, explaining that since a visitor into the country is allowed to bring in any amount, he or she should be allowed to buy and sell any amount.