Hopeson Adorye is a former NPP stalwart
A former NPP stalwart, Hopeson Adorye, has expressed strong support for efforts to eliminate the black market in foreign exchange trading, stating that such a move would be warmly welcomed by the business community.
He alleged that some illegal operators in the market have direct links to officials at the Bank of Ghana, which enables them to manipulate the system for their own benefit.
Speaking on Adehye Nsroma on UTV, as monitored by GhanaWeb Business, Adorye emphasised the negative impact of black market forex operations on the formal economy, including distortions in exchange rates and increased inflationary pressure.
He noted that legitimate businesses often suffer due to the unregulated nature of the market, which undermines confidence in the banking system and creates unfair competition.
“The Minister of Finance and the Bank of Ghana must flush out the black market, and I can tell you for a fact that the business community would be happy. These illegal operators determine the price at which they want to sell the dollar. The BoG sets the rate, but the abochi by the roadside has his own rates. This is what is going on,” he stated.
The issue of black market forex trading has gained renewed attention in recent months, as the Ghanaian cedi continues to experience volatility against major international currencies.
The business community will be happy if the government flushes out the black forex market. – Hopeson Adorye #UTVGhana pic.twitter.com/yE4FEeX9Xx
— UTV Ghana (@utvghana) May 15, 2025
SP/MA
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