A Technical Advisor at the Office of the Vice President, Dr Kabiru Mahama has said that the recent performance of the Cedi against the Dollar can be attributed to the measures taken by the Bank of Ghana (BoG) to tackle illegal foreign exchange operators (Black Markets).
The Cedi has over the past few days, especially since the start of December 2022, been gaining strength against the major trading currencies particularly, the Dollar.
Per the Bank of Ghana (BoG) rate, the Cedi, as of Thursday, December 15, was buying at GHS7.9975 to a Dollar and and selling at GHS8.0056 to a Dollar.
Speaking on this development, Dr Mahama said this is due to some of the “measures taken by Bank of Ghana, clumping down on black market operators.”
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 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.
“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.
The Head of the Foreign Exchange Bureau Examinations Office, at the BoG Adjoa Konadu Torto 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.
