GUTA, Association of Ghana Industries back BoG forex crackdown
The Ghana Union of Traders Association (GUTA) and the Association of Ghana Industries (AGI) have declared their support for the Bank of Ghana’s renewed crackdown on illegal foreign exchange practices.
Both groups have pledged to cooperate with measures aimed at stabilising the cedi and strengthening compliance with forex regulations.
Speaking to the media, GUTA President Dr Joseph Obeng described the central bank’s action as timely, given the economic pressures facing Ghana.
“There is nowhere in the world where a foreign currency is the dominant legal tender for local transactions. For us at GUTA, if it is about compliance, that will happen when it comes to these revised forex measures and guidelines,” Dr Obeng said.
He rejected claims that many traders routinely quote prices in dollars, insisting that the majority of GUTA members conduct their transactions in cedis.
AGI President Dr Humphrey Kwesi Ayim Darke also endorsed the measures but stressed that the challenge lies in enforcement.
“For us, we do not see these measures as new. The challenge has always been enforcement. It will not be easy, but the Bank of Ghana must remain focused and tough,” Dr Darke emphasised.
Background and Regulatory Reminder
On 27 August, the Bank of Ghana issued amendments to its guidelines on the importation and exportation of foreign currency, citing compliance with anti-money laundering rules. It reminded travellers that they cannot carry more than USD10,000 or its equivalent without declaration.
The central bank also reiterated that unlicensed forex trading, black-market transactions and the practice of quoting, pricing or making payments in foreign currency for local goods and services are prohibited under the Foreign Exchange Act, 2006 (Act 723).
Sustaining the Cedi
Commenting on the new directives, senior economics lecturer Dr Adu Owusu Sarkodie said the enforcement of forex rules is essential to sustain the cedi’s recent stability.
However, he expressed concern about the short timeline for implementation, with the revised measures set to take effect today, 1 September 2025.
