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Bank of Ghana denies collaborating with illegal forex traders at Cowlane

BY: Graphic.com.gh
Bank of Ghana denies collaborating with illegal forex traders
Bank of Ghana denies collaborating with illegal forex traders

The Bank of Ghana has denied allegations that it collaborates with illegal foreign exchange traders (forex) at Cowlane black market in Accra to transfer funds abroad.

The central bank said in a statement issued Tuesday, November 1, 2022 that the allegation by the Director of Research at the Trades Union Congress (TUC) was unfortunate, false and must be dismissed by all.

It said it had come to the attention of BoG that Dr Otoo of the TUC "passed an unfortunate remark about the central bank on Newsfile on Joy News/Joy FM on Saturday, October 29, 2022.

"Dr Otoo, on the programme, said there is evidence or growing suspicion that BoG is actively collaborating with some operatives at Cowlane in Accra to illegally transfer funds offshore.

"BoG categorically denies the said allegations and also considers them extremely reckless," the statement said.

It noted that the central bank 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 are made.

We advise the general public to completely disregard these comments and be assured that we, as a central bank, are focused on our mandate of price stability, and doing all within our power to reduce the rising general level of prices," the statement said.

It added that BoG was doing this guided by our core values of accountability, professionalism and integrity, and in accordance with law.

"BoG is also working with other stakeholders, including the law enforcement agencies to discourage and penalise the activities of illegal foreign exchange operators in the country.

"Finally, we advise the public to desist from making any such unfounded allegations in the future and to crosscheck same with BoG," the statement concluded.