Finance

Stop displaying forex rates in front of premises, on social media– BoG ‘warns; BDCs

To curb speculation about the cedi’s performance against major trading currencies, the Bank of Ghana (BoG) has directed forex bureaus (Bureau de change (BDC) operators) to refrain from advertising exchange rate figures outside their premises and on social media.

To address this issue, the central bank has established a task force to monitor all foreign exchange bureaus across the country to ensure strict compliance with their regulatory framework.

The task force, known as the Foreign Exchange Bureau Monitoring team, will ensure that stakeholders in the foreign exchange market adhere to the Central Bank’s directive.

During a press briefing in Accra on May 27, BoG Governor Dr. Ernest Addison stated that the task force will also work to eliminate illegal operators from the foreign exchange market.

“The Bank is fully aware of the operations of illegal operators in the foreign exchange market and is working with the Financial Intelligence Centre to sanitise the foreign exchange market. The Foreign Exchange Bureaux Monitoring will be stepped up to ensure compliance with their regulatory framework,” the BoG Governor said.

“In line with this, all foreign exchange bureaus advertising rates outside their premises and on social media platforms must immediately desist from the practice. The Bank has set up a task force to monitor all the foreign exchange bureaux to ensure compliance,” Dr Addison stressed.

The Central Bank believes that the depreciation of the cedi and recent developments in the foreign exchange market have been largely driven by sentiments and public statements.

“We urge all to manage pronouncements which weaken confidence in the local economy,” Dr Addison urged.

 

 

Source: www.ghanaweb.com

Ogyem Solomon

Solomon Ogyem – Media Entrepreneur | Journalist | Brand Ambassador Solomon Ogyem is a dynamic Ghanaian journalist and media entrepreneur currently based in South Africa. With a solid foundation in journalism, Solomon is a graduate of the OTEC School of Journalism and Communication Studies in Ghana and Oxbridge Academy in South Africa. He began his career as a reporter at OTEC 102.9 MHz in Kumasi, where he honed his skills in news reporting, community storytelling, and radio broadcasting. His passion for storytelling and dedication to the media industry led him to establish Press MltiMedia Company in South Africa—a growing platform committed to authentic African narratives and multimedia journalism. Solomon is the founder and owner of Thepressradio.com, a news portal focused on delivering credible, timely, and engaging stories across Ghana and Africa. He also owns Press Global Tickets, a service-driven venture in the travel and logistics space, providing reliable ticketing services. In addition to his media ventures, Solomon serves as a Brand Ambassador for Alabuga, a prominent Russian industrial company, representing their interests and expansion across Africa. He previously owned two notable websites—Ghanaweb.mobi and ShowbizAfrica.net—both of which contributed to entertainment and socio-political discussions within Ghana’s digital space. With a diverse background in media, digital journalism, and business, Solomon Ogyem is dedicated to telling impactful African stories, empowering youth through media, and building cross-continental media partnerships.

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