“We have been caged” – GAFORB urges BoG to reassess forex operational guidelines

The Ghana Association of Forex Bureaux (GAFORB) is calling on the Bank of Ghana (BoG) to review its current regulatory framework governing the operations of forex bureaus in the country.

According to the association, the existing guidelines are overly restrictive and stifle innovation and growth within the sector.

Speaking in an exclusive interview with Joy Business’s James Eshun, President of GAFORB, Dr. Alex Akpabli, expressed concerns about how the current operational limitations are affecting the competitiveness and sustainability of forex bureaux across the country.

“We have been caged by the existing regulations. There is a pressing need to reassess the operational guidelines to reflect modern-day realities and market demands,” Dr. Akpabli stated.

He explained that while regulatory oversight is necessary to ensure stability in the financial system, a more flexible, tech-driven approach would enhance transparency, improve service delivery, and position forex bureaus as key players in Ghana’s financial ecosystem.

“The Bank of Ghana must begin to consider allowing us to adopt and integrate more digital solutions. We believe the use of technology will not only enhance compliance but also help curb black market activities,” he added.

GAFORB proposes that the central bank engage key industry stakeholders to comprehensively review the current policies. The association believes such a move would encourage innovation, expand access to legitimate forex services, and align Ghana’s financial systems with global best practices.

Currently, most forex bureaus operate under stringent guidelines that restrict certain forms of digital transactions and expansions, a situation GAFORB argues puts them at a disadvantage compared to informal operators.

“We are ready to comply with any regulatory updates, but they must be practical and designed with the future in mind,” Dr. Akpabli concluded.

The call by GAFORB comes at a time when Ghana’s foreign exchange market is under increasing pressure from unregulated operations and fluctuating currency values. Industry watchers say embracing innovation and modern regulatory reforms could be a key step toward stabilising the forex market and improving consumer confidence

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