March 18, 2023
Cedi depreciation Over 70 'Black Market' dealers arrested in Accra

Cedi depreciation Over 70 'Black Market' dealers arrested in Accra

As part of the efforts by the government to control the fall of the Ghana cedi, officials of the Bank of Ghana, in collaboration with the Ghana Police Service, have arrested some 76 individuals and entities engaged in the business of illegal buying and selling foreign exchange.

These individuals who were engaged in the “black market” were arrested at hot spots within the Central Business District of Accra, specifically Rawlings Park, Makola, and Tudu, citinewsroom reports.

They are expected to face prosecution.

Head of Forex Exchange Bureau at the Bank of Ghana, Adjoa Konadu Torto, who spoke to Citi News said “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 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 also used the opportunity to caution Ghanaians against engaging in ‘black market’ trading as they will be prosecuted.

“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) bureau,” she noted.

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