{"id":1208142,"date":"2022-09-20T21:21:47","date_gmt":"2022-09-20T21:21:47","guid":{"rendered":"https:\/\/www.ghanamma.com\/2022\/09\/20\/addressing-cedi-depreciation-bog-police-arrest-over-76-black-market-dealers\/"},"modified":"2022-09-20T21:21:47","modified_gmt":"2022-09-20T21:21:47","slug":"addressing-cedi-depreciation-bog-police-arrest-over-76-black-market-dealers","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2022\/09\/20\/addressing-cedi-depreciation-bog-police-arrest-over-76-black-market-dealers\/","title":{"rendered":"Addressing cedi depreciation: BoG, Police arrest over 76 \u2018Black Market\u2019 dealers"},"content":{"rendered":"

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The Bank of Ghana in collaboration with the Ghana Police Service have arrested over 76 illegal foreign exchange dealers operating in the \u2018Black Market\u2019.<\/p>\n

The distress action, according to the Central Bank is part of measures to save the cedi from further depreciation.<\/p>\n

They are expected to face prosecution.<\/p>\n

The \u2018Black Market\u2019 dealers are said to be contributing to the rapid fall of the local currency to dollar and the other major foreign currencies.<\/p>\n

Speaking to Joy Business, Head of Forex Exchange Bureau at the Bank of Ghana, Adjoa Konadu Torto, indicated that the exercise will continue in other parts of the country in the coming days.<\/p>\n

She however maintained that members of the public who patronise the activities of \u2018Black Market\u201d operators are equally guilty before the law.<\/p>\n

\u201cThe over 76 perpetrators were apprehended by the police for prosecution. The special operation will continue nationwide\u201d.<\/p>\n

\u201cThe purpose of the operation was to clamp down on individuals and entities engaging in the business of buying and selling foreign exchange without a licence from Bank of Ghana in violation of Ghana\u2019s foreign Exchange Laws and regulations\u201d, she explained.<\/p>\n

She cautioned the general public to desist from engaging in illegal foreign exchange business without a licence.<\/p>\n

\u201cThe 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\u201d, she added.<\/p>\n

This special operation was part of the Bank\u2019s overall strategy to sanitize the foreign exchange market.<\/p>\n

Other measures being put in place include enforcement of compliance from licensed foreign exchange bureaux particularly with the taking of customer identification (Ghana card) and issuance of electronic receipt for every forex transaction; intensified public sensitisation and media engagements to educate the general public on forex rules and regulations, including the need to avoid \u201cBlack Market\u201d.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The Bank of Ghana in collaboration with the Ghana Police Service have arrested over 76 illegal foreign exchange dealers operating in the \u2018Black Market\u2019. The distress action, according to the Central Bank is part of measures to save the cedi from further depreciation. They are expected to face prosecution. The \u2018Black Market\u2019 dealers are said […]<\/p>\n","protected":false},"author":1,"featured_media":1208143,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[72],"tags":[18013,1254,94,1084,672,5902,2129,446,1650],"class_list":["post-1208142","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-addressing","tag-arrest","tag-black","tag-bog","tag-cedi","tag-dealers","tag-depreciation","tag-market","tag-police"],"_links":{"self":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1208142","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/comments?post=1208142"}],"version-history":[{"count":0,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1208142\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/media?parent=1208142"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/categories?post=1208142"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/tags?post=1208142"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}