Cedi depreciation: GUTA president urges BoG to ease stringent money exchange regulations

Dr. Joseph Obeng, President of the Ghana Union of Traders Association (GUTA), has urged the Bank of Ghana (BoG) to ease stringent documentation requirements for currency exchanges.

Speaking on JoyNews, Dr. Obeng highlighted that these strict regulations push traders towards forex bureaus and the black market instead of mainstream banks.

He argued that BoG should simplify the process by accepting basic documents like a bill of lading and transactional value, leaving detailed accounting to the Ghana Revenue Authority (GRA).

The current regulatory environment, he warned, undermines BoG's monetary policies and benefits the black market. Despite recent depreciation, improved FX liquidity has stabilized the cedi.