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Black Market Operators Arrested In An Operation By BoG And The Police In Koforidua

Information we have gathered indicates that there has been a joint team operaton between the Bank of Ghana (BoG) officials and the police who have arrested suspected illegal black market operators in Koforidua, the Eastern Regional Capital in a special operation.

The black market operators of the foreign exchange (forex) were busted and arrested at their various obscured operating points at the Zamarama Market area, Reo- Cinema ,and other parts of the New Juaben South Municipality.

Bryt FM sources indicate that ,the suspects have been remanded and to be arranged before court as their shops have been put under lock and key.

Similar exercises have been conducted in Accra and other parts of the country leading to arrest of more than hundred suspects .

The operation is part of BoG efforts to sanitize the forex market to enhance stability of the cedis.

According to Section 3(1) of the Foreign Exchange Act, 2006 (Act 723), “A person shall not engage in the business of dealing in foreign exchange without a license”.

Section 29 (1a) of the Act further states that “A person who engages in the business of dealing in foreign exchange; without a licence commits an offence and is liable, on summary conviction, to a fine of not more than seven hundred penalty units or a term of imprisonment of not more than eighteen months, or both”.

The BoG has also cautioned against pricing, advertising, paying, or receiving payment for goods and services in foreign currency in Ghana as the sole legal tender in Ghana is the Ghana Cedi and Ghana Pesewa.

“It is an offence punishable by law. Such violations are punishable, on summary conviction, by a fine of; up to 700 penalty units or a prison term of not more than 18 months, or both” the statement read.

As part of complementary measures to ensure compliance with Ghana’s foreign exchange laws and regulations, the bank said it would enforce compliance of taking customer identification (Ghana card) and issuance of electronic receipt for every forex transaction.

It also intends to intensify public sensitisation and media engagements to educate the public on forex rules and regulations, including the need to; avoid the illegal market.

The Bank of Ghana has meanwhile called on the public to report all foreign exchange violations.

Source: Mybrytnewsroom.com/Obed Ansah

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