Cartel behind black market operations in Ghana – GUTA Prez alleges
Dr Joseph Obeng, President of the Ghana Union Traders Association (GUTA), has alleged presence and influence of a powerful cartel behind black market operations in the country.
According to Dr Obeng, black market operators receive first hand forex information that regulated operators such as the forex bureaux are sometimes not even privy to.
“There is a cartel which is being built by the black market and it is dangerous. Who is giving them the rate, who is giving them this information, it is a cartel,” he said in an interview on TV3 monitored by norvanreports.
The Central Bank together with the Ghana Police Service, on Tuesday, September 20, 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 76 perpetrators were apprehended by the police for prosecution.
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.
Meanwhile, forex bureaux in Ghana are lamenting the stiff parallel competition they are facing from black market operators.
According to the Vice President of the Forex Bureau Association of Ghana, Dr Alex Akpabli, activities of black market operators pose a serious challenge to them.
“We have the parallel market that competes with us, the black market, that is the challenge.
“If you need dollar come to us and we can help but if you choose the black market which is not safe then there is a problem,” he stated.
