Undeclared forex undermines financial intelligence, formal market – BoG Governor

Bank of Ghana Governor Dr Johnson Pandit Asiama has expressed concerns over the issue of undeclared foreign currency movement through Ghana's airports and border points, which he believes undermines the financial intelligence and integrity of the country's financial system. To address this issue, the Bank of Ghana has established a Preliminary Investigation Committee on Seized Foreign Currency, comprising multiple agencies, to tackle this serious gap in the financial system.

Asiama warned that such undeclared flows could lead to money laundering, tax evasion, and other forms of illicit activities, and could weaken the financial intelligence that authorities rely on to monitor the system. Additionally, the Governor noted that currency moved outside declared channels could negatively impact the efforts to strengthen Ghana's formal foreign exchange market by diverting funds away from it.

The Bank of Ghana is now working with various government agencies, including the Ghana Revenue Authority, Ghana Airports Company Limited, National Security, EOCO, the Financial Intelligence Centre, and the Attorney General's Office, to safeguard the country's borders, markets, and resources for every Ghanaian.

Brief written by urgent.news from MyJoyOnline Ghana's own syndicated text. Machine-written — may contain errors; check the original before relying on it.