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Published:
Dec 20, 1991Keywords:
Arbitrage Equilibrium Forex Bureau Market Quotation Transaction
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The copyright of a submitted article is only transferred to the publishers if and when the article is accepted for publication. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, electrostatic, mechanical, photocopying, recording or otherwise without the prior written permission of the publishers.
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Arbitrage Opportunities on the Forex Bureau Market in Ghana
Abstract
The liberalization of currency sales in February 1988 has brought into being many "Bureau of Change" (popularly known as "Forex Bureau") onto the foreign exchange market of Ghana. Do these bureaus set the same prices? If they do, there is no possibility of arbitrage. If they do not, then there could be the possibility of arbitrage which market participants can take advantage of. This paper looks at the extent of arbitrage going on in the Forex bureau market of Ghana in the three cities of Accra; Kumasi, and Takoradi. The currencies of interest are the United States dollar, the British pound, and the CFA franc which together form slightly more than ninety percent of the Forex bureau market of Ghana
