BoG Cautions Public : You Are Equally Guilty If You Patronise Black Market Foreign Exchange Operators

The Head of the Foreign Exchange Bureau Examinations Office, at the Bank of Ghana (BoG) Adjoa Konadu Torto, warned that members of the general public who patronise the activities of ‘Black Market” operators are equally guilty before the law.

Her comments come at a time the 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.

“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.