The Leader of the Forex Bureau Association of Ghana, K. T. Dadzie, has uncovered that the trade rates have responded emphatically, with an enthusiasm for the Cedi, following continuous commitment among government and key stakeholders

As indicated by him, while it has not been simple for Forex Administrators, their clients and the country, during these beyond 90 days of forex choppiness, the cedi, since government's immediate intercessions, has appreciated essentially against the dollar

He said, this truly intends, what is happening with the rates spiraling crazy isn't in no manner a normal flow of activity, yet the purposeful endeavors of “people speculating and trying to make rainfall out of the situation that we are in.”

Mr. K.T Dadzie spread the word about this when the administration and individuals from the Affiliation met the President of the Republic, Nana Addo Dankwa Akufo-Addo, in a lengthy adaptation of proceeding with commitment between the  Association and the Bank of Ghana, to examine the unsettling conduct and disturbance of the unfamiliar trade market.


As per President Akufo-Addo, at whose command the gathering was occasioned, “the state of our currency and the turbulence in our foreign exchange market is a matter of notoriety now in Ghana and it’s a matter of very grave concern.” 

He said, “the initial import for the creation of Forex Bureaus was at the time when the economy was opening up and liberalizing. So we had these Forex Bureaus, regulated by the Bank of Ghana; but which will make access to foreign exchange in a regulated and controlled manner easier.”

“This was necessary to curb the and trying to find a mechanism for putting an end to Black-Market operations in our currency,” he added.

“Unfortunately, somehow,” he continued, “these initial motivations for the Forex Bureau have still not materialized. The Black-Market; you will hear public commentators, and the Bank of Ghana itself, that it is still driving both the supply as well as the rate of our foreign exchange transactions.”

The Forex Bureau Association vowed their obligation to help government towards balancing out the rates and lessen radically the impact of Underground market exercises inside that space.


Source: The Presidency Republic Of Ghana