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Cedi depreciation: Over 70 ‘black market’ dealers arrested (watch)

Over 76 illicit foreign exchange dealers operating in the “Black Market” have been detained as a result of a combined operation between the Ghana Police Service and the Bank of Ghana (BoG).

At hotspots in Accra’s Central Business District, notably Rawlings Park, Makola, and Tudu, the suspects were located and apprehended.

These traders are allegedly responsible for the swift decline of the cedi against the dollar and other important foreign currencies.

The Central Bank claims that the operation on Tuesday is a component of measures to address the devaluation of the cedi in the nation.

Adjoa Konadu Torto, the head of the BoG’s forex exchange bureau, stated to the media following the operation that those apprehended would be prosecuted.

She said that the practice wouldn’t be a one-time thing and would go on in the upcoming days in various regions of the nation.

The Bank’s overarching plan to clean up the foreign currency market included this special operation. Other measures being implemented include enforcing compliance from authorized foreign exchange bureaux, particularly with the collection of customer identification (a Ghana card) and the issuance of an electronic receipt for each forex transaction; intensifying public awareness campaigns and media engagements to inform the public about forex rules and regulations, including the need to stay away from the black market, she said.

She also urged the general public to refrain from doing business with these unlicensed “black market” foreign exchange merchants.

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