An illegal foreign exchange dealer operating in the black market under the pseudonym Abdullai Mohammed in a recent interview on Adom TV’s Big Agenda show pointed fingers at certain banks in the country for the consistent depreciation of the cedi against the dollar.
According to Mohammed, some banks are dissatisfied with the approved rates set by the Bank of Ghana (BoG) due to their reduced profits.
Allegedly, these banks collaborate with black market dealers to inflate profit margins, contributing to the currency’s devaluation.
Expressing concern over the lack of oversight, Mohammed highlighted the prevalence of dollar shortages in banks juxtaposed with ample availability in the black market.
He claimed that many bank employees maintain relationships with black market agents to sell dollars for additional profit.
The Ghana Federation of Traders, comprising eight trade groups, has joined the discourse by urging the government to slash the exchange rate from GH¢15 to GH¢10.
They’ve warned of potential protests if corrective measures are not promptly implemented, citing the adverse effects of currency depreciation on their businesses.
Contrary to expectations, Mohammed revealed that black market dealers are also adversely affected and advocate for measures to stabilize the cedi.
He proposed that reducing the rates would deter banks from utilizing black market agents, encouraging more people to engage in forex trading through formal banking channels.