‘Black Market’ Domination In Forex Space Unacceptable – Akufo-Addo

President Akufo-Addo has said the domination of the ‘black market in the foreign exchange business in the country is unacceptable and stakeholders must find a way to stop the activities of those who operate in the space.

According to the president, “the initial impulse for the creation of forex bureaus” in Ghana was that “at the time when our economy was opening up and liberalising” there was the need to “find a mechanism for putting an end to black market operations on the country’s currency”.

“That was the initial impulse, so we will have these forex bureaus regulated by the Bank of Ghana (BoG) but which will make access to foreign exchange in a regulated and controlled manner easier.”

President Akufo-Addo made the observation when he met with the leadership of the Forex Bureau Association of Ghana at the Jubilee House on Wednesday, 26 October 2022.

“Unfortunately, somehow, this initial motivation for the creation of the forex bureaus has still not materialised.

“As you hear public commentators and commentators of the Bank of Ghana itself say, it is still the black market that is driving both the supply as well as the rate of our foreign exchange transactions,” President Akufo-Addo said.

“That for me, is completely unacceptable and we have to find a way to work together to drive the black market out of business,” Akufo-Addo added