Allowing foreigners to sell dollar like ‘koko’ in our forex market is crazy- Kwame Tutu
Kwame Tutu, President of the Africa Schools Sanitation Foundation (ASSF), has expressed concern about the ‘black market’ activities run by foreigners.
He stated that no serious country would tolerate the existence of the black market, which he believes is affecting the cedi’s appreciation against other major currencies.
He stated on Frontline on Rainbow Radio 87.5fm that the value of the cedi has depreciated to the point where Ghc100 today is equivalent to Ghc10.
He stated that it makes no sense for us to allow the black market to exist and for foreigners to sell and exchange foreign currencies.
“You will see foreigners exchanging and selling foreign currencies at Kotoka International Airport. You will see these foreigners selling and exchanging foreign currencies at Circle. This is a disaster. Our leaders are aware of this, but they are doing nothing to address it.
These foreigners keep the dollar and create a fictitious scarcity. When there is an artificial shortage, the dollar rate rises automatically. This should not occur. The Bank of Ghana is aware of the problem but has done nothing to address it. “We need to take action,” he added.
Inquire with the economic managers in charge of the economy about where in the world we allow foreigners to sell foreign currencies in Ghana. It is simply not possible. We must address the problem.
The broadcast journalist and communication expert also discussed gambling in Ghana and its negative impact on the economy. He said we cannot continue to allow foreigners to continue selling the dollar in our forex space like ‘koko’.
He claimed that these betting companies redistribute their profits to their respective countries, which has a negative impact on the economy.
He emphasized the importance of authorities taking action to address these issues before they become out of hand.