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Eliminate Black Market Forex Operators - CPP General Secretary

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The Convention People's Party (CPP) General Secretary, Nana Yaa Jantuah, has voiced concern about the unlawful operations of the black currency market, which have greatly aided in the depreciation of the cedi against major trade currencies.

She believes that the situation in which the parallel market was controlling the supply and rate of foreign exchange transactions was unacceptable and that all efforts should be made to control it in order to stop the cedi crisis.

In order to slow the rate at which the cedi is losing value against the major foreign currencies, Nana Yaa Jantuah was certain that the black market needed to be eradicated from the financial system.

“They [BoG] should use ‘Black Market’ operators as a scapegoat, once they are arrested, to trace the link that these operators are having with the banks,” Nana Yaa Jantuah exclusively told Kwaku Owusu Adjei (Patoo) on Adwenekasa on Accra-based Original FM 91.9.

“As you hear public commentators and commentators of the Bank of Ghana itself say, it is still the black market that is driving both the supply as well as the rate of our foreign exchange transactions.”

“That, for me is completely unacceptable, and we have to find a way to work together to drive the black market out of business.”

She asked the Central Bank to use the BNI's services to track some of the foreign currency supplies that end up on the black market in order to halt the supply at the source.

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Bank of Ghana Black Market Convention People 's Party Kwaku Owusu Nana Yaa Jantuah


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