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

The Ghana Association of Forex Bureaux (GAFORB) is urging the Bank of Ghana (BoG) to revise its regulations.

They believe the current rules are too strict and hinder growth.

In an interview with Joy Business, GAFORB President Dr. Alex Akpabli shared his concerns. He noted that these limitations affect competitiveness and sustainability in the sector.

Dr. Akpabli said, “We have been caged by existing regulations.” He emphasized the need for updated guidelines that reflect modern market demands.

He acknowledged that regulatory oversight is important for financial stability. However, he argued for a more flexible, tech-driven approach to enhance transparency and service delivery.

Dr. Akpabli stated that this would help position forex bureaus as key players in Ghana’s financial ecosystem.

He urged the Bank of Ghana to allow more digital solutions in operations. He believes technology can improve compliance and reduce black market activities.

GAFORB suggests that the central bank engage industry stakeholders to review current policies comprehensively. They think this would encourage innovation and expand access to legitimate forex services.

Currently, many forex bureaus face strict guidelines limiting digital transactions and expansions. GAFORB argues this puts them at a disadvantage compared to informal operators.

Dr. Akpabli concluded, “We are ready to comply with any regulatory updates.” He stressed that changes must be practical and future-oriented.

GAFORB's call comes as Ghana’s foreign exchange market faces pressure from unregulated operations and fluctuating currency values. Industry experts say embracing innovation could stabilize the forex market and boost consumer confidence.