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Business News of Friday, 23 September 2022


Clamp down on 'black market' operators not solution to cedi depreciation - Ade Coker

Joseph Ade Coker, the Greater Accra Regional Chairman of the NDC Joseph Ade Coker, the Greater Accra Regional Chairman of the NDC

Joseph Ade Coker, the Greater Accra Regional Chairman of the National Democratic Congress (NDC) has revealed that the arrest of over 76 alleged illegal forex operators (black market) is not a solution to the cedi depreciation.

This statement is in line with the arrest of over seventy six (76) alleged illegal forex operators known as ‘black market’ operators in Accra.

The exercise dubbed ‘Special Operation on Foreign Exchange Parallel (Black Market Operators’ was carried out by the Bank of Ghana (BoG) in conjunction with the police.

The exercise in Accra took place around Rawlings Park, Tudu, Cowlane, Circle, Kimbu Market and Lava.

According to a statement issued by the BoG, 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 license from Bank of Ghana in violation of Ghana’s foreign exchange laws and regulations.

The Head of the Foreign Exchange Bureau Examinations Office, at the Bank of Ghana, Adjoa Konadu Torto, indicated that the exercise would continue in other parts of the country in the coming days.

In an interview on Atinka TV’s Morning Show “Ghana Nie” with host Ekourba Gyasi, Ade Coker noted that just like corruption, the operations of the ‘black market’ has been a part of the forex business from time immemorial.

Ade Coker hinted that if the foreign currencies are available at the forex bureaus, the black market will become “useless”.

“When the fundamentals are wrong, your foreign exchange will expose you. That is the truth of the matter. The forex business is run on a supply and demand basis, and these black market men give good rates. That is why people patronize them.  

"It is a matter of making the currency available. If foreign currencies are always available at good rates, no one will patronize the services of these black marketers. “Some bank officials even direct clients to the black market,” Ade Coker added.