The illicit activities of the black currency market, which have greatly contributed to the devaluation of the cedi against major trading currencies, have caused concern on the part of Convention People’s Party (CPP) General Secretary Nana Yaa Jantuah.
She believed that the situation in which the parallel market was controlling the supply and rate of foreign exchange transactions was undesirable and that all efforts should be made to control it in order to stop the cedi currency crisis.
In order to slow the rate at which the cedi is losing value against the major foreign currencies, Nana Yaa Jantuah was adamant that the black market needed to be eradicated from the financial system.
“They [BoG] should use ‘Black Market’ operators as a scapegoat, once they are arrested, to trace the link that these operators are having with the banks,” Nana Yaa Jantuah exclusively told Kwaku Owusu Adjei (Patoo) on Adwenekasa on Accra-based Original FM 91.9.
“As you hear public commentators and commentators of the Bank of Ghana itself say, it is still the black market that is driving both the supply as well as the rate of our foreign exchange transactions.”
“That, for me is completely unacceptable, and we have to find a way to work together to drive the black market out of business,”
She urged the Central Bank to engage the services of the BNI to trace the supply of some of the foreign currencies that get to the Black Market to stop the supply from the source.