Partner Bank Of Ghana To Deal With Black Market – Akufo Addo To Forex Traders

President Nana Addo Dankwa Akufo-Addo has charged the President of the Forex Bureaux Association of Ghana, Mr K.T Dadzie, to ensure that players in the market work together with the Bank of Ghana (BoG) to address black market operations in Ghana.

At a meeting held at the Jubilee House today, October 26, 2022, the president agreed that eliminating illegal forex traders in the country will put less pressure on the Ghana Cedi.

The Vice President of the Forex Bureaux Association of Ghana, Dr Alex Akpabli, recently addressed the media on how the influx of black market operators in the country is affecting the businesses of the legal Forex Bureaux in the country.

He says most people prefer to convert currencies with black market operators.

According to President Akufo-Addo, “The activities of black market operators in the country are matters of great concern to the country’s economic stability. It is time for the leadership of the Forex Bureaux Association of Ghana to come to a consensus to meet with the leadership of the Bank of Ghana to drive away the black market operators in the country”.

He also indicated that the black market operators’ activities contribute to the Ghana Cedis’ weakness.

He, therefore, urged the formal sector, the Bank of Ghana and the Forex Bureaux Association of Ghana to help address the situation.