The Ghana Association of Forex Bureaux (GAFORB) is pressing the Bank of Ghana (BoG) to modernize foreign exchange regulations by permitting digital tools, arguing that current restrictions stifle innovation and drive transactions toward unregulated markets.
In an interview with Joy Business, GAFORB President Dr. Alex Akpabli emphasized that embracing technology would enhance compliance and competitiveness while curbing black-market dominance.
“Digital solutions are critical for transparency and efficiency,” Akpabli stated, noting that outdated rules bar licensed forex operators from adopting digital recordkeeping, transactions, and service platforms. This, he said, leaves formal bureaus lagging behind tech-savvy informal traders who exploit gaps in the regulatory framework. GAFORB contends that inflexible policies inadvertently fuel underground forex activities, which undermine Ghana’s efforts to stabilize its currency and manage liquidity.
The association has called for a collaborative review of BoG’s existing guidelines, urging regulators to engage industry stakeholders in crafting forward-looking policies. “We are ready to comply with new regulations, provided they are realistic and aligned with global trends,” Akpabli added, stressing that digitization would streamline reporting and reduce operational risks.
Ghana’s forex sector has faced mounting scrutiny amid economic challenges, including cedi depreciation and inflation. While the central bank has intensified crackdowns on illegal trading, GAFORB insists that lasting solutions require modernizing oversight rather than relying on enforcement alone.
The push reflects a broader tension across African economies, where rapid fintech adoption often outpaces regulatory frameworks. Analysts suggest that balancing innovation with oversight is key to formalizing informal sectors and attracting investment. For Ghana, integrating digital tools could strengthen the formal forex market’s capacity to meet public demand while bolstering the cedi’s stability a priority as the nation navigates debt restructuring and IMF-led reforms. Yet the central bank’s appetite for regulatory flexibility remains untested, leaving stakeholders to weigh the risks of inertia against the promise of progress.
