Forex bureaus in Ghana are bemoaning the stiff parallel competition they face from illegal operators known as the black market.
Dr. Alex Akpabli, Vice President of the Forex Bureau Association of Ghana, stated on the New Day show with Roland Walker on TV3 on Friday, October 21 that the activities of black marketers pose a serious challenge to them.
“We have a parallel market that competes with us, the black market, and that is the challenge.”
Dr. Joseph Obeng, President of the Ghana Union of Traders Association (GUTA), also stated that there is a powerful association behind Ghana’s black-market operations.
He explained that these operators typically receive up-to-date forex information that regulated operators do not always have.
“Who is providing them with this information?” He also inquired about the New Day show.
“There is a cartel being built by the black market, and it is dangerous,” he added. It is a cartel that gives them the rate.
“People are avoiding mainstream banks in favor of doing business with the black markets.”
On Tuesday 20th September 2022, the Bank of Ghana (BoG) and the Ghana Police Service conducted a special operation on foreign exchange (forex) parallel market operators (also known as black market operators) at identified hot spots within the Business District (Rawlings Park, Tudu, Cowlane, Circle, Kimbu, Timber Market, and Lava) and throughout the country.
In total, the police apprehended 76 perpetrators for prosecution. The special operation will be carried out across the country.
The operation’s goal was to crack down on individuals and entities who were buying and selling foreign currency without a license from the Bank of Ghana, in violation of Ghana’s foreign exchange laws and regulations.
Speaking to journalists after the exercise, Adjoa Konadu Torto, Head of the Foreign Exchange Bureau Examinations Office at the Bank of Ghana, stated that the exercise will continue in other parts of the country in the coming days.
She insisted that members of the general public who support the activities of “Black Market” operators are equally guilty in the eyes of the law.
“The police apprehended over 76 perpetrators for prosecution.” The special operation will be carried out across the country.”
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“The operation’s purpose was to crack down on individuals and entities buying and selling foreign exchange without a license from the Bank of Ghana, in violation of Ghana’s foreign exchange laws and regulations,” she explained.
She warned the general public not to engage in illegal foreign exchange trading without a license.
“The general public must always transact with licensed foreign exchange (forex) bureaux of the Bank of Ghana.” As a result, the Anti-Money Laundering Act, 2020 (Act 1044) as amended requires all bureau customers to insist on electronic receipts by presenting an acceptable valid ID, the Ghana Card, to cover the buying and selling of all foreign currencies,” she added.
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