Illegal forex trading activities have reduced in Ghana-BoG Governor
The Governor of the Bank of Ghana Dr. Ernest Addison has stated that activities of illegal forex trading have reduced in the country.
The governor appearing before the Public Accounts Committee said the shortage of foreign exchange which gives rise to the activities of illegal forex trading, also known as the Black Market, is not prevalent.
To him, this has been achieved because the current administration has managed the economy better.
“The black market is an illegal activity and the Bank of Ghana has collaborated with the security agencies to ensure that they don’t thrive and we have had a few exercises in different parts of the country literally going out there to arrest black market traders and foreign exchange.”
“It is an illegal activity and the security agencies are on top of that issue. I think the pressure in terms of the prevalence of black market activities has gone down and the reason is that the economy is relatively doing well and there is no big shortage and therefore the incentive too isn’t there. This is an illegal market and you are not going to completely wipe it away. From time to time we are cooperating with the security agencies to enforce the law,” he said.