A team has been established by the Bank of Ghana (BoG) to oversee all foreign exchange bureaus and guarantee adherence to their regulatory policies.

“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 sanitize the market,” Dr Ernest Addison, the Governor of the Bank of Ghana, told a press conference.

He declared that increased oversight by the Foreign Exchange Bureau will be implemented to guarantee adherence to their established guidelines.

Accordingly, he stated, any foreign exchange bureaus that advertise rates outside of their locations and on social media sites had to stop doing so right away.

More soon.