A joint operation by the Bank of Ghana (BoG) and the Ghana Police Service has led to the arrest of over 76 illegal foreign exchange dealers operating in the ‘Black Market.’
The persons were identified and arrested at hot spots within the Central Business District of Accra, specifically, Rawlings Park, Makola, and Tudu.
These dealers are said to be contributing to the rapid fall of the cedi to the dollar and the other major foreign currencies.
The operation on Tuesday according to the Central Bank is part of measures to address the cedi depreciation in the country.
Speaking to the media after the operation, the Head of Forex Exchange Bureau at BoG, Adjoa Konadu Torto said the persons arrested will face prosecution.
She indicated that the exercise will not be one-off but will continue in other parts of the country in the coming days.
“This special operation was part of the Bank’s overall strategy to sanitise the foreign exchange market. Other measures being put in place include enforcement of compliance from licensed foreign exchange bureaux particularly with the taking of customer identification (Ghana card) and issuance of an electronic receipt for every forex transaction; intensified public sensitisation and media engagements to educate the general public on forex rules and regulations, including the need to avoid the black market,” she said.
She further cautioned the general public to desist from engaging in foreign exchange businesses with these ‘black market’ dealers operating without a licence.
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