The Bank of Ghana, in partnership with the Ghana Police Service, detained 76 people and businesses who were found to be buying and selling foreign currency without the regulator's consent or license. The two institutions conducted a special operation to crack down on 'Black Market' dealing by criminals who generally conduct their activities in Accra's Central Business District. Adjoa Konadu-Torto, Head of the Central Bank's Foreign Exchange Bureau Examinations Office, said to journalists that the exercise highlighted hot places such as Rawlings Park, Makola, and Tudu where illegal 'Black Market' dealing was routinely taking place. She further stated that the criminals will be prosecuted. "This specific operation was part of the Bank's wider aim to clean up the currency market." Other measures being implemented include "intensified public sensitization and media engagements to educate the general public about forex rules and regulations, including the need to avoid the black market," she explained. In terms of next activities, the BoG Head of Forex Exchange Bureau stated that the exercise will take place in various parts of the nation in the coming days. She also advised the general public to avoid doing business with foreign exchange people and businesses that do not have a license from the Bank of Ghana.
"The Bank warns the general public against engaging in foreign exchange transactions without a license." Members of the general population who support the operations of 'black market' operators are equally guilty in the eyes of the law. "The general public must always trade with licensed foreign currency (forex) bureaux of the Bank of Ghana," Adjoa-Torto added. Meanwhile, the activities of 'black market' operators have been blamed for the cedi's decline against major trading currencies, particularly the US dollar. On the retail market, the local currency is currently selling for more than GH10 to US$1.
