- October 21, 2022
- Posted by: Amos Ekow Coffie
- Categories: Banking and Finance, Economics
Businesses must find new ways of engaging in buying and selling following the ongoing global economic challenges, President of the Ghana Union of Traders Association (GUTA) Dr Joseph Obeng has said.
Dr Obeng said the usual buying and selling form of commerce is fading out , for which commercial entities must innovate.
“Trade diversification is one of the things we talked about in our letter to the president. Businesses must diversify and find alternative ways of doing business, buy and sell is dead,” he said on the New Day show with Roland Walker on TV3 Friday October 21.
He was contributing to discussion around the the exchange rate and the impact of black market operators.
Dr Obeng indicated that there is a powerful association behind black market operations in Ghana.
He explained that these operators mostly receive up to date forex information that sometimes the regulated operators do not even have.
“Who is giving them this information?” He asked.
He added “there is a cartel which is being built by black market, it is dangerous. Who is giving them the rate, it is a cartel.
“People are shying away from the main stream banks and and doing businesses with the Black markets.”
The Bank of Ghana (BoG), together with the Ghana Police Service, on Tuesday 20th September 2022, conducted a special operation on foreign exchange (forex) parallel market operators (otherwise known as black market operators) at identified hot spots within Business District (Rawlings Park, Tudu, Cowlane, Circle, Kimbu, Timber Market and Lava) and throughout the country.
In all about 76perpetrators were apprehended by the police for prosecution. The special operation will continue nationwide.
The 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’s foreign exchange laws and regulations.
Speaking to Journalists after exercise, the Head of the Foreign Exchange Bureau Examinations Office, at the Bank of Ghana, Adjoa Konadu Torto, indicated that the exercise will continue in other parts of the country in the coming days.
She maintained that members of the public who patronise the activities of ‘Black Market” operators are equally guilty before the law.
“The over 76 perpetrators were apprehended by the police for prosecution. The special operation will continue nationwide”.
“The 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’s foreign Exchange Laws and regulations”, she explained.
She cautioned the general public to desist from engaging in illegal foreign exchange business without a licence.
“The 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”, she added.