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Bank of Ghana Must Do More to Tackle Black Market Foreign Exchange Operators – Kumadoe
A Fraud and Security Analyst, Mr Richard Kumadoe wants the Bank of Ghana (BoG) to do more in dealing with black market foreign exchange operators in the country despite the recent action taken.
He wants the central bank and the security agencies to go beyond just arresting the perpetrators to investigate persons who are behind their operations.
“Money is a commodity just as in basic economic when it comes to goods and services . Bank of Ghana is the custodian of many of the moneys we have particularly the Dorla that has been in limited supply.
“They might end up going after the black market people but what are the core issues? Will that really solve the problem?
“Who are the beneficiaries of these moneys? What do they use it for? Can’t they have any alternative? I think there are many things we can do far better than now,” he said on the New Day show on TV3 with Johnnie Hughes Friday September 22.
The BoG, together with the Ghana Police Service, on Tuesday 20th September 2022, conducted a special operation on foreign exchange (forex) parallel market operators (otherwise known as black market operators) at identified hot spots within Business District (Rawlings Park, Tudu, Cowlane, Circle, Kimbu, Timber Market and Lava) and throughout the country.
In all about 76perpetrators 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.
Speaking to Journalists after exercise, the Head of the Foreign Exchange Bureau Examinations Office, 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 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.