Over 70 'Black Market' dealers busted in quest to arrest cedi depreciation

The Bank of Ghana in collaboration with the Ghana Police Service has arrested over 70 illegal forex dealers, otherwise known as the 'Black Market'.

Black market dealers

The arrest by the central bank and the police are in the quest to stabilize the Ghana cedi against major trading currencies, especially the dollar.

The 'Black Market' dealers are expected to face prosecution.

The 'Black Market dealers are reported to be contributing to the rapid fall of the local currency.

Head of Forex Exchange Bureau at the Bank of Ghana, Adjoa Konadu Torto, speaking to JoyNews in an interview, expressed worry about the free fall of the local currency.

She allegedly linked the situation to the black market dealers conniving with certain bank officials to deny the public some dollars.

She added that the dealers buy foreign currencies particularly the major currency the dollar in bulk, create artificial shortages, and later sell them to the public at higher rates.

According to her, members of the public who patronize the activities of black market operators are equally guilty before the law.

She stated that "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 the Bank of Ghana in violation of Ghana's Foreign Exchange Laws and regulations."

She, however, cautioned the general public to desist from engaging in illegal foreign exchange business without a licence.

Get our Top Stories delivered to your inbox

Welcome to the Pulse Community! We will now be sending you a daily newsletter on news, entertainment and more. Also join us across all of our other channels - we love to be connected!

Eyewitness? Submit your stories now via social or:

Email: eyewitness@pulse.com.gh