Cedi fall: Trade Ministry worried over powerful hands behind 'black markets'

The Ministry of Trade and Industry has said government is distressed after discovering that, some powerful hands are behind illegal forex trade known as the black market. According to the Ministry, some very big wigs in the country are the main architects behind the black market causing pressure on the local currency. The Deputy Minister of Trade and Industry, Michael Okyere Baafi disclosed that there are powerful cartels behind the pawns who are hiding in corners trading on currencies with impunity contrary to the laws of the country. Hon Baafi said this during an interview on the Kumasi-based OTEC 102.9 FM's morning show "Nyansapo" on Friday, October 21, 2022. He however disclosed that government is closed to bringing down some of these cartels to halt their activities. "The Ministry has already teamed up with other state agencies including the Bank of Ghana to bring finality to this menace," he said. "This issue of black market has caused the country a lot, part of Ghana's economic woes can be blamed on the illegal forex, that's why government has devised measures to deal with the situation," he told the host Captain Koda. Forex bureaux lament Meanwhile, some forex bureaux who are legally operating in the country are crying over the stiff parallel competition they are facing with the black market. The Association has warned that the activities of the black marketers pose serious challenges not only to them but to the country's economy as well and have thus appealed to government to deal with the problem. Government Intervention The Ghana Police Service in a joint operation with the Bank of Ghana in September 2022 apprehended some 76 suspected illegal black marketers in the Central Business District of Accra. The suspected dealers of forex were arrested at various hotspots in the city. The special operation was part of the government's measures to sanitize the foreign exchange market to ensure compliance with Ghana's foreign exchange laws and regulations. Prosecution of Suspects Hon Baafi has however emphasized that government will prosecute anyone who will be apprehended in their next operations and called on the public to avoid patronizing the services of black marketers.

The Ministry of Trade and Industry has said government is distressed after discovering that, some powerful hands are behind illegal forex trade known as the black market. According to the Ministry, some very big wigs in the country are the main architects behind the black market causing pressure on the local currency. The Deputy Minister of Trade and Industry, Michael Okyere Baafi disclosed that there are powerful cartels behind the pawns who are hiding in corners trading on currencies with impunity contrary to the laws of the country. Hon Baafi said this during an interview on the Kumasi-based OTEC 102.9 FM's morning show "Nyansapo" on Friday, October 21, 2022. He however disclosed that government is closed to bringing down some of these cartels to halt their activities. "The Ministry has already teamed up with other state agencies including the Bank of Ghana to bring finality to this menace," he said. "This issue of black market has caused the country a lot, part of Ghana's economic woes can be blamed on the illegal forex, that's why government has devised measures to deal with the situation," he told the host Captain Koda. Forex bureaux lament Meanwhile, some forex bureaux who are legally operating in the country are crying over the stiff parallel competition they are facing with the black market. The Association has warned that the activities of the black marketers pose serious challenges not only to them but to the country's economy as well and have thus appealed to government to deal with the problem. Government Intervention The Ghana Police Service in a joint operation with the Bank of Ghana in September 2022 apprehended some 76 suspected illegal black marketers in the Central Business District of Accra. The suspected dealers of forex were arrested at various hotspots in the city. The special operation was part of the government's measures to sanitize the foreign exchange market to ensure compliance with Ghana's foreign exchange laws and regulations. Prosecution of Suspects Hon Baafi has however emphasized that government will prosecute anyone who will be apprehended in their next operations and called on the public to avoid patronizing the services of black marketers.