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 exchange.

Speaking on JoyNews' PM Express, Dr. Obeng stated that these strict regulations drive traders to use forex bureaus and the black market instead of mainstream banks.

He argued that the central bank should focus on tracking transactions rather than detailed accounting.

The current regulatory environment, he warned, undermines BoG's monetary policies as most trade occurs in the black market.

This appeal follows recent depreciation of the cedi despite BoG's significant market interventions.