BoG schools public on Forex Bureaux operations

•The Bank of Ghana has stated that the sole legal tender in Ghana is the Ghana Cedi and the Ghana Pesewa.

• It said individuals cannot deposit Ghana Cedis with a forex bureau at an agreed rate and collect the foreign currency equivalent at a later date

• It called on individuals who wish to transact any business in Ghana to exchange their foreign currency for Ghana cedis at any licensed forex bureau or bank

The Bank of Ghana (BoG) has schooled the public on various trading policies on Forex Bureaux, in its latest financial literacy education report.

According to BoG, it is unlawful for any person or business to engage in the business of buying and selling foreign currency without a license from the Central Bank.

BoG says is punishable upon summary conviction, by a fine or a prison term of not more than eighteen months, or both when currencies are sold without license.

Also, the BoG indicates that forex bureaux must always display their licenses and also urged all forex bureau to affix the forex bureaux logo in front of their premises.

“It is prohibited by law to buy or sell foreign currency to or from an unlicensed person or entity. Report such illegal activities to the Financial Stability Department of Bank of Ghana”.

However, the BoG has encouraged customers to always go to the forex bureau with their ID Cards. It, however, advised customers to report any forex bureau that does not ask for such particulars before conducting any transaction.

“You will be required to provide identification documents before conducting any transaction with a forex bureau. Identification documents include passport, driver’s license, voter’s ID and the National ID card. If your forex bureau does not require ID from you or does not retain a copy of your ID, please report them, you can obtain foreign currency from only authorized dealer banks and forex bureau,” it said.

Below is the statement on the Financial Literacy Education On Forex Bureaux: