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17.01.2005 Business & Finance

Foreign bureaux operators to discuss new BOG directives

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Accra, Jan. 17, GNA - Dr Kwasi Fosu Gyabaah, President of the Ghana Association of Forex Bureaux, on Monday appealed to the Bank of Ghana (BOG) to allow outside display of directional signs to the bureaux to prevent the loss of clients to the bureaux.

He welcomed the directive from the Central Bank to the bureaux not to display their exchange rates outside, but said with the absence of the directional signs to the bureaux, clients were assuming the bureaux were closed down or non-existent, hence the loss of customers.

Dr Gyabaah was speaking to the Ghana News Agency on the performance of the bureaux after the BOG directive issued on December 20 last year, which became effective on January 2, 2005.

He said the directive was to bring the operations of the bureaux in conformity with international standard practice where rates were displayed prominently within the lobby of the bureaux.

Dr said much as directional sign boards attracted customers, the conspicuous display of the rates on the boards had the tendency to fuel speculation, with the black market taking advantage to offer unapproved rates to customers.

He said actors had been used to the directional signs for nearly 17 years and with the new directive forex bureaux operators would have to depend heavily on the media to pass on information to their clients. Dr Gyabaah announced that the Association would hold a meeting in Accra to discuss the new directive.

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