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Please email it to editor modernghana. Egypt presidential hopeful says will reconsider election bid. Litigating Over Data Hacks. Nigerian ex-vice president rejoins opposition ahead of French President Macron Challenges Ghanaian youth. What is Web Application Penetration Testing? Cameroon army will 'eradicate' anglophone separatist problem. The first two bureaux are legal while the third one- Black Market Bureau- is illegal. That this exists alongside the legal bureaux should be a concern to Ghanaians.
Bank Forex Bureaux are basically useless to the average Ghanaian. It is difficult, if not impossible, to buy foreign money in a bank's forex bureau. One is always told there is no foreign currency. The banks are therefore less competitive in comparison to private forex bureaux. This might not be surprising because, in the past, our banks have triumphed under the protection of the State and not from their competitiveness. However, they have a very unnecessary handicap. Despite the fact that all foreign money denominations have the same purchasing value Private Forex Bureaux unnecessarily pay lower rates for smaller denominations.
Is it a question of bad business sense or the lust to cheat that has blinded Private Forex Bureaux operators, or is it both? As a matter of fact, many travellers prefer smaller denominations to bigger ones out of fear of counterfeits. The Black Market Bureaux normally offer slightly higher exchange rates but these are so insignificant that, all things being equal, they will not attract customers. Customers are therefore attracted to Private Forex Bureaux because they offer the same rates for all denominations- big or small.
As long as Private Forex Bureaux operators offer lower rates for smaller denominations they will lose some of their customers to Black Market Bureaux operators.More...