Arrest 'black market' dealers - Traders lock shops, bemoan high cost of living

Traders in Accra's central business district have locked up their shops in protest of the current economic hardships in Ghana. According to them, the increasing rate of the cedi's depreciation against the dollar has resulted in high inflation rates in the country. When GhanaWeb arrived in the early hours of October 19, 2022, the vibrant Makola market and Okaishie trading area were almost empty as heavy locks were spotted on every shop. Buyers have had to turn away as they could not get access to items they wanted to purchase. The traders told GhanaWeb that the activities of the black market have been the main reason for the increase in the exchange rates. Speaking to one of the traders, Abigail, she said: We are pleading with the government to arrest those in the black market. They are the main reason the dollar and CFA keep increasing. The dollar rates are changing too rapidly. In a day, the dollar can rise about three times within three hours." "It is unbearable," she added. Shaima, who retails socks and other clothing items recounted that "the black market folks have hoarded the dollars. They are the reason the rates have gone up. What we know is that exchange is done in either bureaus or the bank, but now these black market people have taken over." Calling on the government to intervene quickly, they said "We are pleading with the President to come to our aid. This is not the Ghana he promised us." Last week, traders in Adum embarked on a similar protest to drive home concerns about the high cost of living in Ghana. The Ghana cedi currently sells at GH¢12.90 at some forex bureaus in the country and the CFA is selling at GH¢17.50. Watch the video below Watch the latest episode of BizTech below: SSD/FNOQ