The Bank of Ghana in collaboration with the Ghana Police Service have arrested some 76 individuals and entities found to have been engaged in the buying and selling of foreign exchange without approval or license from the regulator.
The special operation undertaken by the two institutions was aimed at clamping down on ‘Black Market’ trading by perpetrators who normally conduct their activities within the Central Business District of Accra.
Head, Foreign Exchange Bureau Examinations Office at the Central Bank, Adjoa Konadu-Torto speaking with journalists explained that the exercise identified hot spots such as Rawlings Park, Makola, and Tudu where the illegal ‘Black Market’ trading was frequently taking place.
She added that the perpetrators are expected to face prosecution.
“This special operation was part of the Bank’s overall strategy to sanitize the foreign exchange market. Other measures being put in place include enforcement of compliance from licensed foreign exchange bureaux particularly with the taking of customer identification (Ghana Card) and issuance of an electronic receipt for every forex transaction; intensified public sensitization and media engagements to educate the general public on forex rules and regulations, including the need to avoid the black market,” she explained.
Touching on upcoming operations, the BoG Head of Forex Exchange Bureau said the exercise will in the coming days take place in other parts of the country.
She further cautioned the general public to refrain from conducting business with foreign exchange individuals and entities operating without a licence from the Bank of Ghana.
“The Bank cautions the general public to desist from engaging in foreign exchange business without a licence. Members of the public who patronise the activities of ‘black market’ operators are equally guilty before the law. The general public must always trade with the Bank of Ghana licensed foreign exchange (forex) bureaux,” Adjoa-Torto stated.
Meanwhile, the activities of ‘black market’ operators have been attributed as one of the major causes for the depreciation of the cedi against major trading currencies, especially the US dollar.
The local currency is currently selling above GH¢10 to US$1 on the retail market.
