The Ghana Association of Forex Bureaux (GAFORB) has expressed displeasure over the current regulatory framework governing the operations of forex bureaus in the country.
According to the group, the framework under which the Bank of Ghana (BoG) is operating is overly restrictive, stifling innovation and growth within the forex sector.
The President of GAFORB, Dr. Alex Akpabli, in an interview with JoyNews, said that the framework has created operational limitations for them, which is affecting the competitiveness and sustainability of forex bureaus 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.
Dr. Akpabli pointed out that while a regulatory framework is necessary to oversee the forex sector, it should be more flexible.
He added that a more flexible and tech-driven systems 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 said.
He added, “We are ready to comply with any regulatory updates, but they must be practical and designed with the future in mind.”
