A man trades U.S. dollars for Ghanaian cedis at a currency exchange office in Accra, Ghana, File. REUTERS/Francis Kokoroko
The Ghana Association of Forex Bureaux (GAFORB) is urging the public to avoid doing business with forex bureaux that fail to issue official receipts or VAT invoices.
According to the association, the practice is unprofessional and illegal.
The association also called on Ghanaians to report such operators directly to the Bank of Ghana for sanctions to be taken.
The call comes as part of a broader campaign by GAFORB to sanitise the foreign exchange sector, which plays a critical role in Ghana’s economy by facilitating access to foreign currency for businesses, travellers, and individuals.
In recent months, concerns have been growing about the activities of unauthorized operators, some of whom engage in shady transactions without proper documentation.
Speaking in an interview with Joy Business, the President of the association, Dr. Alex Akpabli, stressed the need for customers to insist on proper documentation to protect themselves and support the integrity of the market.
“We are urging all Ghanaians to insist on receipts or VAT invoices when engaging with forex bureaux. If an operator refuses to issue one, we encourage the public to report them immediately to the Bank of Ghana for the necessary sanctions,” Dr. Akpabli said.
He explained that issuing receipts do not only ensure transparency, but also provides customers with proof of transaction, which is crucial in the event of disputes, audits, or regulatory checks.
According to Dr. Akpabli, the association is working closely with the Bank of Ghana to weed out non-compliant operators and raise professional standards in the sector.
“We believe that by promoting best practices, we can build greater trust and stability in the forex market. Everyone has a role to play — operators must adhere to the rules, and customers must hold them accountable,” he added.
The Bank of Ghana, which regulates forex bureaux under its licensing framework, requires all licensed bureaux to issue receipts for every transaction. Failure to comply can result in fines, suspension, or revocation of operating licenses.
The association’s latest appeal also aligns with national efforts to improve revenue mobilisation, as proper VAT compliance by forex bureaux contributes to tax collections and the overall health of the economy.
The association has assured the public that it will continue to engage with its members through regular training, inspections, and awareness campaigns to uphold high standards across the sector.
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