Cedi-Dollar ratio: We need a paradigm shift; same strategies aren’t working – Forex Bureau operators

Vice President of Forex Bureau Association of Ghana, Dr. Alex Akpabli has called for a shift in the approach to resolving the unpleasant relationship between the Cedi and the Dollar.

He said the same old strategies being adopted by the managers of the economy are not working.

Speaking on the New Day show with Roland Walker on TV3 Friday, October 21, he said “the challenges we are facing today can’t be solved by the same practice, there must be a paradigm shift.”

Dr. Alex Akpabli further said that the activities of black marketers pose a serious challenge to them.

“We have the parallel market that competes with us, the black market, that is the challenge.

“If you need Dollars come to us and we can help but if you choose a black market which is not safe then there is a problem.”

President of the Ghana Union of Traders Association (GUTA) Dr. Joseph Obeng also indicated that there is a powerful association behind black market operations in Ghana.

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He explained that these operators mostly receive up-to-date forex information that sometimes the regulated operators do not even have.

“Who is giving them this information?” He asked also on the New Day show.

He added “there is a cartel which is being built by the black market, it is dangerous. Who is giving them the rate, it is a cartel.

“People are shying away from the mainstream banks and doing businesses with the Black markets.”

The Bank of Ghana (BoG), together with the Ghana Police Service, on Tuesday  20^th September 2022, conducted a special operation on the foreign exchange (forex) parallel market operators (otherwise known as black market operators) at identified hot spots within  Business District (Rawlings Park, Tudu, Cowlane, Circle, Kimbu, Timber Market, and Lava) and throughout the country.

In all about 76 perpetrators were apprehended by the police for prosecution. The special operation will continue nationwide.

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 the Bank of Ghana in violation of Ghana’s foreign exchange laws and regulations.

Speaking to Journalists after the exercise, the Head of the Foreign Exchange  Bureau Examinations Office, at the Bank of Ghana, Adjoa Konadu Torto, indicated that the exercise will continue in other parts of the country in the coming days.

She maintained that members of the public who patronize the activities of ‘Black Market” operators are equally guilty before the law.

“The over 76 perpetrators were apprehended by the police for prosecution. The special operation will continue nationwide”.

“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 the Bank of Ghana in violation of Ghana’s Foreign Exchange Laws and regulations”, she explained.

She cautioned the general public to desist from engaging in illegal foreign exchange business without a license.

“The general public must always trade with the Bank of Ghana licensed foreign exchange (forex) bureaux. Accordingly, the Anti-Money Laundering ACT, 2020 (Act 1044) as amended instructs all bureau customers to insist on their electronic receipts by providing the acceptable valid ID, the Ghana Card, to cover the buying and selling of all foreign currencies”, she added.

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Source:3new.com