The Executive Secretary to the Importers and Exporters Association of Ghana, believes the Central Bank of Ghana is gradually losing control over the activities of illegal forex traders in Ghana.

According to Mr Sampson Asaki Awingobet, the growing phenomena of ‘black market operators’ which the BoG has failed to clamp down on, is one of the major causes of the depreciation of the cedi.

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“The BoG is expected to regulate the currency, supervise the exchange of foreign currencies in Ghana and regulate forex bureaus but now it seems the black market has now taken over the work of BoG,” he said.

Speaking in an interview on Adom FM’s Dwaso Nsem Anti-Corruption segment, Fabewoso, Mr Awingobet explained that the situation has given the black market operators more power in determining the exchange rates.

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“The rate is now in the hands of the black market operators and you can sometimes go to the bank to request for foreign currencies but will be referred to the Alhajis who I believe the banks benefit from,” he lamented.

Mr Awingobet added the phenomenon is detrimental to Ghana’s business economy and currency.