BoG, Police Service undertake special operation on black market operators
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 (black market operators) at identified hot spots within the 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 special operation will continue nationwide.
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.
Speaking to Journalists after exercise, the Head of the Foreign Exchange Bureau Examinations Office, at the Bank of Ghana, Adjoa Konadu Torto, indicated that the exercise will continue in other parts of the country in the coming days.
She maintained that members of the public who patronise the activities of ‘Black Market” operators are equally guilty before the law.
“The over 76 perpetrators were apprehended by the police for prosecution. The special operation will continue nationwide”.
“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”, she explained.
She cautioned the general public to desist from engaging in illegal foreign exchange business without a licence.
“The general public must always trade with the Bank of Ghana licensed foreign exchange (forex) bureaux. Accordingly, the Anti-Money Laundering ACT, 2020 (Act 1044) as amended instructs all bureau customers to insist on their electronic receipts by providing the acceptable valid ID, the Ghana Card, to cover the buying and selling of all foreign currencies”, she added.
Section 3 (1) of the Foreign Exchange Act, 2006 (Act 723) states that, “A person shall not engage in the business of dealing in foreign exchange without a licence” and Section 29 (1a) “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.”
Also Section 1 (i & ii) of the Revised Forex Bureau Regulations, 2003 (BOG NOTICE NO. BG/GOV/SEC/2003/2) states that “No person shall carry on any forex bureau business unless he/she is in possession of a valid forex bureau licence. A person who contravenes or fails to comply shall be guilty of an offence and shall be dealt with in accordance with the law.
This special operation was part of the Bank’s overall strategy to sanitize the foreign exchange market.
Other measures being put in place include enforcement of compliance from licensed foreign exchange bureaux particularly with the taking of customer identification (Ghana card) and issuance of electronic receipt for every forex transaction; intensified public sensitization and media engagements to educate the general public on forex rules and regulations, including the need to avoid the black market.
The Bank has cautioned the general public to desist from engaging in foreign exchange business without a licence.
