A lot more inflow of forex expected due to syndicated loan deal – Oppong Nkrumah
Information Minister Kojo Oppong Nkrumah has said that a lot more inflow of forex is expected following the completion of the $1.13billion syndication of the Ghana Cocoa Board (COCOBOD).
He explained that stakeholders are going to be looking at long-lasting measures to ensure that forex rate is stabilized in the country.
Addressing a press conference, the Ofoase Ayirebi lawmaker revealed that there is going to be a meeting the Bank of Ghana, and some Managing Directors of Banks and forex bureaux as part of moves to stabilize the forex market.
“The Bank of Ghana will be meeting the Managing Director of some of the Banks and the heads of the forex bureau association to hold discussions aimed at ensuring that the supply of forex on the market is stabilized and the overpricing is halted so that, those who need forex for business get it without hindrances at the banking halls as against rates on the black market or some other quarters,” he said.
He added “We will also be looking at long-lasting measures to ensure that forex rate is stabilized in the country, even as we expect a lot more inflow of forex following the completion of the syndication of the COCOBOD transaction loan.
“The Economic Management Team (EMT) is also meeting to appraise itself on some of the recommendations as we get closer to the end of the year. On Thursday, Cabinet itself will be meeting to receive what has gone through the EMT and updates from the IMF negotiation so that some decisions will be made and then update the country on the next step forward.”
Concerns have been raised against activities that are affecting the forex market.
For instance, President of the Ghana Union of Traders Association (GUTA) Dr Joseph Obeng also indicated that there is a powerful association behind black market operations in Ghana.
He explained that these operators mostly receive up to date forex information that sometimes the regulated operators do not even have.
“Who is giving them this information?” He asked also on the New Day show.
He added “there is a cartel which is being built by black market, it is dangerous. Who is giving them the rate, it is a cartel.
“People are shying away from the main stream banks and and doing businesses with the Black markets.”
The Bank of Ghana (BoG), together with the Ghana Police Service, on Tuesday 20th September 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 76perpetrators 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.
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