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Arresting Black Market Forex Traders Is Not Sustainable - Tomi Imihere

Toma Imihere, a financial journalist, believes it is unsustainable to simply arrest those engaging in illegal foreign exchange trading in order to stop the devaluation of the cedi.

You can't even continue with this. According to Mr. Imihere, there are black markets all around the nation.

"The police department is understaffed and underfunded." They have murder cases and kidnapping cases to deal with, so they tend to prioritize."

Instead, Mr. Imihere urged the government to look for a more long-lasting solution to Ghana's currency issues.

He recommended that the formal market, which is represented by forex bureaus, be liberalized by the Bank of Ghana.

This, according to him, will increase confidence in the official FX market.

Therefore, there won't be as much of a need for people to go out and stockpile money in the hopes of generating a profit or at least preserving value.

The Bank of Ghana must therefore loosen the constraints on the formal market, particularly at the retail end. All you do is withdraw money from illicit activity. But aside from that, let nothing be questioned, said Mr. Imihere.

He was making remarks on a special operation the Bank of Ghana and the police had carried out to target foreign exchange parallel market operators, also referred to as black market operators.

It is anticipated that the offenders who were found at hotspots in Accra's Central Business District, notably Rawlings Park, Makola, and Tudu, will be prosecuted.

Content created and supplied by: OPolitics (via Opera News )

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