The existence of the black market is a threat, let’s deal with it immediately- Economist
The existence of the black market, according to Chartered Economist Emmanuel Amoah Darkwah, poses a risk to the cedi’s ability to appreciate against other major currencies, particularly the dollar.
He claimed that their actions are now illegal, and it makes no sense for us to continue to tolerate the black market.
He claimed that the Bank of God poses a threat to the nation because they are not even aware of how much money they have.
He said that although dealing with it won’t be easy, we must take the bull by the horns.
The best approach to handle the issue, he stated in an interview with Kwabena Agyapong on Frontline on Rainbow Radio 86.5Fm, is to permit the operators of the black market to establish a forex bureau or collaborate with already established ones.
He said that if you wanted it, these people, who are typically foreigners, could get you more than $2 million.
“You’ll be shocked to learn that these people, who are frequently foreigners, can secure $2 million for you if you so desire. We cannot allow them to operate any longer. They shouldn’t any longer dictate how our cedi operates. They often benefit from the cedi depreciation, so we must address the situation right away “he continued.
He also pointed out that our economy is not sufficiently diversified, particularly when we import more than we export.
He added that speculation also has an impact on how much the cedi is rising against the dollar.
“The existence of the black market cannot be found anywhere in the world. Why can’t we stop them when we have a legislation in place that forbids their operations? The illegal market and speculations must be dealt with since they have an impact on us. The underground market needs to be phased away. Why does it even need to exist?”
By: Rashid Obodai Provencal/Rainbowradioonline.com/Ghana