BoG denies colluding with illegal forex traders at Accra

The Bank of Ghana (BoG) has strongly denied claims of collusion with illegal foreign exchange traders (forex) at the Central Business District in Accra to transfer funds offshore.

The Central Bank in a statement on Tuesday, November 1, described the allegations by the Director of Research at the Trades Union Congress (TUC) Dr Kwabena Otoo as “reckless and unfortunate”.


“It has come to the attention of the Bank of Ghana that Dr Kwabena Nyarko Otoo of the Trades Union Congress passed an unfortunate remark about the Central Bank on Newsfile on Joy News TV/Joy FM on Saturday, 29th October 2022.

“Dr. Otoo, on the programme, said there is evidence or growing suspicion that Bank of Ghana is actively collaborating with some operatives at Cowlane in Accra to illegally transfer funds offshore. Bank of Ghana categorically denies the said allegations and also considers them extremely reckless. We would have expected that such strong allegations would have been supported by the requisite evidence, and not left at pure conjecture, mere suspicion or hearsay. This is especially so considering the quarters from which the allegations were made.”


The BoG further advised the general public to completely disregard these comments and be assured that the Central Bank, is focused on price stability, and doing all within its power to reduce the rising general level of prices.

Source: citinews

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