The Bank of Ghana (BoG) has started the implementation of some severe measures to streamline trading of dollars and other major foreign currencies in Ghana.
These new set of regulations could see traders prosecuted and lose license for breaches.
The new set of regulations or call it market conduct, are primarily aimed at helping better regulate the conduct of forex trading in the country as well bring some integrity and ensure that trading is done in a transparent manner. It is seen as part of ongoing reforms to also bring forex trading in the country to best international practices to best international practices.
Though, some people have argued that it is part of measures that the Bank of Ghana is looking at to help deal with the perennial sharp depreciation of the Ghana cedi.
There are some who have argued that the market needs tight regulations to deal with some “excesses”.
BoG also highlights these major points as reasons for the new conduct:
according to new regulations of the BoG , the bank is to clearly regulate the conduct of interbank foreign exchange business in the Ghanaian financial market.
It is also to establish standards of practice expected of market participants to help ensure an efficient and effective FX market.
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