Eight Firms Violating Foreign Exchange Act
The Bank of Ghana (BOG) has recently identified eight money transfer organizations (MTOs) operating in Ghana's remittances and forex markets without approval. In a notice issued on November 16, the central bank warned the public and regulated financial institutions against engaging with these MTOs. The MTOs in question are Lemfi, Wise, Transfer Go, Xoom-A Paypal Service, Sendvalu, Boss Revolution, BTC-AZA Finance, and Supersonicz. The BOG stated that each of these organizations is in violation of Section 3.1 of the Foreign Exchange Act, 2006 (Act 723), which prohibits engaging in foreign exchange business without a valid license.
Furthermore, Section 15.3 of the same law states that any movement of foreign exchange to and from Ghana must be conducted by individuals or entities with the necessary licenses. The central bank also reminded approved MTOs to strictly adhere to the requirements of their licenses at all times. They should only conduct foreign exchange flows through their partner institutions and follow all operational guidelines.
Ghana's Foreign Exchange Challenges
Ghana, like many other African countries, has been facing a shortage of foreign exchange on the official market. This shortage has led to increased pressure on the local currency's exchange rate against the U.S. dollar and has contributed to inflation. The Ghanaian cedi was one of the worst-performing currencies globally in 2022.
In response to these challenges, Ghanaian monetary authorities have implemented various measures to curb the influence of the forex parallel market on the economy. One of these measures includes suspending the licenses of financial institutions found to be operating unlawfully.
In its most recent action against non-compliant institutions, the BOG announced on November 20 that it had imposed a fine and suspended the forex license of Zeepay Ghana Limited from November 27, 2023, to December 8, 2023.
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The best way online to buy gold or silver
First, understand the basics of gold. The precious metal gold is similar to platinum. It's very rare and is used as money because of its durability and resistance to corrosion. It is very difficult to use and most people prefer to purchase jewelry made of it over actual bars of Gold.
There are two types today of gold coins. One is legal tender while the other is bullion. Legal tender coins can be used for circulation within a country. These coins usually come in denominations such $1, $5 and $10.
Bullion coins are minted for investment purposes only, and their values increase over time due to inflation.
They aren't circulated in any currency exchange systems. One example is that if someone buys $100 worth gold, they get 100 grams with a $100 value. Each dollar spent by the buyer is worth 1 gram.
Next, you need to find out where to buy gold. There are several options available if your goal is to purchase gold from a dealer. You can start by visiting your local coin shop. You can also try going through a reputable website like eBay. You may also be interested in buying gold through private sellers online.
Private sellers are individuals that offer gold at wholesale or retail prices. Private sellers will charge you a 10% to 15% commission for every transaction. A private seller will usually return less money than a coin shop and eBay. This is a great option for gold investing because you have more control over the item’s price.
You can also invest in gold physical. While physical gold is easier than paper certificates to store, you still need to make sure it is safe. It is important to keep your physical gold safe in an impenetrable box such as a vault, safety deposit box or other secure container.
You can either visit a bank, pawnshop or bank to buy gold. A bank can provide you with a loan to cover the amount you wish to invest in gold. Pawnshops are small establishments allowing customers to borrow money against items they bring. Banks usually charge higher interest rates that pawn shops.
You can also ask for help to purchase gold. Selling gold can be as easy as selling. A company such as GoldMoney.com can help you set up a simple bank account and get paid immediately.
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