Business News of 2014-02-10

Black marketeers unhappy with BOG dollar rules

Dealers in foreign currencies in the popular black market at Tudu in Accra are unhappy with moves by the Bank of Ghana to stop their transactions.

Speaking to Citi News’ Abdul Karim Naatogmah, the dealers said they are only there to provide as an alternative to the banks. “If customers are getting dollars from the banks, they will not come to the black market to buy dollars, so the banks should release the dollars for the customers…’’

Another also told Citi News that now every transaction is done in dollars. “…school fees, dollar, buying land, dollar, everything dollars and the banks are not releasing the dollars for the customers.’’

The dealers, however, said this is what they do to cater for their families; according to them, if the government stopped the flow of dollars to them, they would have no job to do.

As part of measures to halt the depreciation of the Cedi against the Dollar and other currencies, the central bank announced plans which included collaboration with national security to clamp down on the dealers in foreign currencies on black markets.

Source: citifmonline.com
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