In its latest directives, all persons wishing to transact forex business must do so with a Ghana Card, and unlicensed operators will be arrested and prosecuted.

However, the Professor of Finance at the University of Ghana, argues that these measures may not achieve the intended effect.

He explained that the black market provides an interface between the underground economy driven by corruption and the formal economy.

“The reality is that if you create the kind of economy that we are presiding over, it is going to be difficult to eliminate the black market.

“So, if you don’t deal with corruption and the rest, it is going to be difficult to think that merely by dealing with the black market, you will sustainably be eliminating black market effects in your economy. It is not going to work,” he said.

Professor Bokpin questioned the sustainability of this move, pointing out that the BoG’s previous efforts to address black market activities were not sustained.

“Who stopped them? Why was it a nine-day wonder? What gives us the impression now that this move will be sustainable?” he questioned.

Prof. Bokpin He also believes that the Bank of Ghana has a role in addressing this situation by ensuring that they harmonize the official rates and transactional rates in the market.

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Abdullai Mohammed (pseudo name) has said some of the banks are not happy with the approved rates by the Bank of Ghana (BoG) due to the low profits.

In this regard, the banks according to him work with black market dealers to increase their profit margins.

Speaking on Adom TV’s Big Agenda show, he said the relevant authorities have failed to check and regulate the system.

“Are you not surprise that, we always hear dollar shortage at the banks but we at the black market, have enough? In case you do not know, almost all the banks staff have a black market agent who give their agent the dollar to sell and share the profit,” he told show host, Nana Osei Ampofo Adjei.

The Ghana Federation of Traders comprising of eight trade groups have urged the government to reduce the exchange rate from GH¢15 to GH¢10, warning of potential protests if no action is taken.

The Federation has argued that, the cedi’s depreciation is eroding their capital and threatening their businesses and want immediate action taken by authorities to save the situation.

But Mr Abdullai said black market dealers are equally suffering and will be happy if measures are put in place to stabilise the cedi.

He indicated that, the banks will stop using agents in the black markets if the rates are reduced and will force more people to patronise the banks for forex trading.

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He has warned that government will not tolerate the unregulated activities of black market operators, which is partly responsible for the depreciation of the cedi against major trading currencies.

Opening a meeting with operators of forex bureau at the Jubilee House, President Akufo-Addo said the Bank of Ghana will continue to clamp down on such illegal activities.

“I have been informed that the activities of these black market operators largely contributed to the currency depreciation. This is unacceptable,” he said.

Stressing the need to remove activities of black market operators, President Akufo-Addo pointed out that players in that market deliberately engage in speculative activities to cause instability in the exchange rate market.

This, he said, is engineered to allow the illegal operators benefit from the fall of the cedi against major trading currencies like the dollar.

On his part, the Chairman of the Ghana Association of Forex Bureaus, K.T. Dadzie, assured that his members will work with the Bank of Ghana to help stabilise the cedi against the other trading currencies.

He stated that a recent announcement of new measures and collaboration with members of the association is already bearing fruits as the local currency show signs of stabilisation.

“Like I was telling the Governor and co yesterday, with the announcement that we were meeting yesterday, the rate started coming down. It means it’s not natural. It is done by people speculating and trying to make windfall out of the situation that we are in,” he said.

Mr Dadzie assured that members of the association will continue to obey the rules of the Bank of Ghana to help stabilise the cedi and grow the economy.

“We are a regulated body and do not have much control apart from what our regulators tell us to do. For the past three months, it has not been easy for us, our customers, and the whole nation. I am talking about foreign exchange business,” he said.

“We have been in this business since 1988. We have had turbulences but this is a bit tough for all of us,” Mr Dazie recounted referring to recent sharp depreciation of the cedi.

“But we have gone through all that happened. Sometimes it’s a bit difficult but we tried and we survived and I know this too shall pass. I hope this meeting will help and I can tell you from what happened yesterday till today that, it’s already stabilising,” he said.

Mr Andoh in an interview with the Ghana News Agency said activities of the black marketers were collapsing operations of forex bureaux in the country.

He explained that such operators who are mobile and visible are able to lure customers with their slightly better rates while the forex bureau who were regulated by law and pay taxes to the government, struggle in their enclosures.

He cautioned the public against buying foreign currency from the black market as that could expose them to risk of been given fake currencies and even robbed.

Mr Andoh advised them not to only consider the rate of exchange on offer when choosing a place to trade currencies but must also consider the risks involved.

Meanwhile, an anonymous black market customer said she has been buying currency from them for over five years now and had no fears of falling victim to any risk.

She added that the black market was reliable and fast, as they operated 24-hours daily and offered better rates than the forex bureaux.  According to her, customers also have the opportunity to bargain with the black market operators in addition to changing monies without having to show their identity cards.

Tema Community One business area has a lot of black marketers who openly operate and call on the public including policemen to do business with them while trading in other wares especially wrist watches.

They are mostly seen near the Tema Community One market branch of the Ghana Commercial Bank (GCB), and the casino area which is about 100 meters away from the Community One Police station.