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BoG denies collaborating with illegal forex traders at Cowlane

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

The Central Bank in a Release on Tuesday 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.

The BoG in reaction to the allegation by the Director of Research at the Trades Union Congress (TUC) described the claims as unfortunate, and false.

“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 read in part.

It, therefore, advised the general public to completely disregard these comments assuring that the central bank, is focused on the mandate of price stability, and working to reduce the rising general level of prices, the statement said.

Below is BoG’s Statement

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