Cedi Depreciation: Bank of Ghana Teams Up With Police To Arrest Over 70 Black Market Dealers

• Bank of Ghana is leaving nothing to chance as the cedi fall against the dollar gets worse
• The central bank recently teamed up with the police to arrest over 70 black market forex traders at Tudu, Makola and its environs
• The Bank of Ghana disclosed that other parts of the country noted for illegal forex activities would also be raided

As part of efforts to hold the fall of the cedi against the dollar, the Bank of Ghana has collaborated with the police to arrest over 70 people engaged in unlicensed forex trading.

The black market forex trading is believed to be a major contributor of the higher rates of the dollar against the cedi.

According to a Citi News report, the black market forex traders were arrested as part of a special operation that targeted known spots such as Rawlings Park, Makola and Tudu.

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Head of Forex Exchange Bureau at the Bank of Ghana, Adjoa Konadu Torto, told Citi News that the raid and arrest of the black market will hold the free fall of the cedi.

“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 sensitization and media engagements to educate the general public on forex rules and regulations, including the need to avoid the black market,” she said.

She disclosed that other parts of the country would soon be stormed by police to arrest individuals involved in black market forex trading.

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She urged members of the public against foreign exchange business without a licence.

Cedi Depreciation: Bank Of Ghana Moves To Close Down Forex Bureaus Flouting The Law

Meanwhile, YEN.com.gh reported in a previous story that the central bank is stepping up the fight against the cedi's depreciation as it announces firm steps against forex bureaus flouting the foreign exchange laws.

BoG's Head of Financial Stability, Dr Joseph France, disclosed a raft of measures the BoG intends to roll out to hold the cedi fall, including a clamp down on illegal forex activities.

He told Joy News that the central bank has already received complaints against some forex bureaus and has initiated investigations. He revealed, for instance, that some of the forex bureaus have been setting forward rates and failing to issue transaction receipts.

Source: YEN.com.gh