Addressing cedi depreciation: BoG, Police arrest over 76 ‘Black Market’ dealers

The Bank of Ghana has collaborated with the Ghana Police Service to arrest over 76 illegal foreign exchange dealers operating in the ‘Black Market’.

The distress action, according to the Central Bank is part of measures to save the cedi from further depreciation.

They are expected to face prosecution.

The ‘Black Market’ dealers are said to be contributing to the rapid fall of the local currency to dollar and the other major foreign currencies.

Speaking to Joy Business, Head of Forex Exchange Bureau at the Bank of Ghana, Adjoa Konadu Torto, indicated that the exercise will continue in other parts of the country in the coming days.

She however maintained that members of the public who patronise the activities of ‘Black Market” operators are equally guilty before the law.

“The over 76 perpetrators were apprehended by the police for prosecution. The special operation will continue nationwide”.

“The purpose of the operation was to clamp down on individuals and entities engaging in the business of buying and selling foreign exchange without a licence from Bank of Ghana in violation of Ghana’s foreign Exchange Laws and regulations”, she explained.

She cautioned the general public to desist from engaging in illegal foreign exchange business without a licence.

“The general public must always trade with the Bank of Ghana licensed foreign exchange (forex) bureaux. Accordingly, the Anti-Money Laundering ACT, 2020 (Act 1044) as amended instructs all bureau customers to insist on their electronic receipts by providing the acceptable valid ID, the Ghana Card, to cover the buying and selling of all foreign currencies”, she added.

This special operation was part of the Bank’s overall strategy to sanitise 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 electronic receipt for every forex transaction; intensified public sensitisation and media engagements to educate the general public on forex rules and regulations, including the need to avoid “Black Market”.

Source: Myjoyonline