BoG, police crack down on foreign currency dealers on the illicit market, arresting 76 individuals
BoG, police crack down on foreign currency dealers on the illicit market, arresting 76 individuals
BoG, police crack down on foreign currency dealers on the illicit market, arresting 76 individuals
In a targeted operation inside Accra’s Central Business District on Tuesday, a team made up of Bank of Ghana (BoG) employees and police officers detained 76 suspected members of the black market who were operating illegally.
The alleged FX parallel market operators were detained at a number of areas, including Rawlings Park, Tudu, Cowlane, Circle, Kinbu, Timber Market, and Lava.
The special operation was a component of the BoG’s wider plan to clean up the foreign exchange market and ensure that it complied with all applicable rules and regulations in Ghana regarding foreign exchange.
The BoG asked the people to refrain from using the services of operators in the underground economy and to stop dealing in foreign exchange without a license, and the Police will punish those who had been captured.
“The general public must always trade with the Bank of Ghana licensed forex bureau,” a briefing note for the press said.
According to Section 3(1) of the Foreign Exchange Act, 2006 (Act 723), “A person shall not engage in the business of dealing in foreign exchange without a license”.
Section 29 (1a) of the Act further states that “A person who engages in the business of dealing in foreign exchange; without a licence commits an offence and is liable, on summary conviction, to a fine of not more than seven hundred penalty units or a term of imprisonment of not more than eighteen months, or both”.
The BoG further advised against charging, advertising, paying, or accepting payment in foreign currency for products and services in Ghana, where only the Ghana Cedi and Ghana Pesewa are recognized as legal money.
“It is an offence punishable by law. Such violations are punishable, on summary conviction, by a fine of; up to 700 penalty units or a prison term of not more than 18 months, or both” the statement read.
The bank announced it will enforce compliance with obtaining customer identity (a Ghana card) and issuing an electronic receipt for each foreign exchange transaction as part of additional measures to ensure compliance with Ghana’s foreign currency laws and regulations.
In order to inform the people on currency rules and regulations, particularly the necessity of avoiding the black market, it also plans to step up public awareness campaigns and media engagements.
