Restrict black market operators in Ghana to stabilise the Cedi

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Open currency black marketing
Open currency black marketing

Mr Appiah Kubi, a cold store operator at Dormaa-Ahenkro, has appealed to the government to restrict and eliminate black market currency operators to prevent hoarding of foreign currencies.

He reiterated the need for the government to streamline the activities of forex bureau operations through the implementation of pragmatic measures by the Central Bank.

That, he said, would determine the correct identities of individual operators, to curb speculative foreign currency buying, contributing to the weakening of the cedi.

The businessman observed the current rising cost of items in the market resulted from artificial inflation being created by some unpatriotic, inconsiderate, avaricious traders because of their calculated, uncontrolled price hikes.

Mr Kubi made the appeal speaking in an interview with the Ghana News Agency (GNA) at Dormaa-Ahenkro, Dormaa Central Municipality of Region about the rippling effects of fuel price hikes, inflation and depreciation of the cedi, which according to him were eroding the purchasing power of customers and consumers nationwide.

He also pleaded with the government to take steps to address the depreciation of the cedi and cautioned traders taking undue advantage of systemic economic challenges to perpetrate economic illegalities in the country.

In related interviews with the GNA, other business owners and traders lamented the current economic situation had caused increasing operational cost of their businesses.

Maame Yaa Kyeremaa, second-hand clothes dealer, described the situation as “frustrating and deeply worrying.

She said:” Because “I wake up each day expecting to hear the announcement of new lorry fares and inflation rates”.

Osofo Ameyaw Kwakye, an importer, also appealed to the government to introduce right interventions and measures to address “this harsh economic reality”.

He pleaded with Ghanaians too to be patriotic enough to consider public interest first by stopping inflating prices of their goods and services which had not been directed by government and regulatory agencies.

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