Ban Forex Bureaux to Save the Cedi – AFRICOM boss tells Govt

The President of the United States Africa Command (AFRICOM) Ghana, Mr. Abednego Rawlings Orstin, has called on President John Dramani Mahama to take a bold step by banning forex bureau operations in the country, describing them as a major contributor to the persistent depreciation of the Ghanaian cedi.

Speaking in an interview, Mr. Orstin commended the recent efforts to stabilize the local currency, but warned that without decisive action against forex bureaux, the cedi’s modest gains would be short-lived.

> “I appreciate the current strengthening of the cedi, but if proper measures are not put in place, these forex bureaux will continue to undermine that progress,” he said.

Mr. Orstin accused previous governments—particularly the Akufo-Addo administration and its former Finance Minister, Ken Ofori-Atta—of ignoring his repeated warnings about the negative role of forex bureaux.

> “Under President Nana Addo Dankwa Akufo-Addo, the cedi fell to over GHC17.00 to a dollar. This happened because they ignored sound advice and allowed the reckless operations of forex bureaux to continue unchecked,” he lamented.

According to him, forex bureaux have long been responsible for creating artificial demand and speculative pricing of the dollar, contributing significantly to the cedi’s fall.

“The central bank gives the dollar at around GHC10.00, yet forex bureaux sell it at GHC12.00 or more without any legitimate justification.

Why should there be a GHC2.00 margin for no value-added activity?” he questioned.

Mr. Orstin praised the late Vice President, Paa Kwesi Bekoe Amissah-Arthur, for implementing policies that curtailed the misuse of foreign currency in the banking sector.

He recalled how Amissah-Arthur’s policies generated significant revenue and helped control currency circulation.

“He introduced taxes on dormant foreign currency accounts and stopped banks from freely issuing physical dollars to account holders.

Foreign exchange was only issued to travelers who provided visas and tickets, with a limit of \$5,000 per person. That was sound economic policy,” he noted.

He criticized the New Patriotic Party (NPP) government for reversing these measures, which, he claimed, opened the floodgates for currency hoarding and speculation.

“The decision to abolish those policies led to increased foreign account holdings, reduced currency circulation, and further weakened the cedi,” he stated.

Mr. Orstin reiterated his call for a complete ban on forex bureau operations, urging the Mahama’s government to consider it as a strategic measure to stabilize Ghana’s currency and protect the economy.