A former general secretary of Ghana’s ruling New Patriotic Party has expressed outrage at what has been described as a “black market” in the country’s forex industry.
According to him, we have a situation in which forex brokers handle large sums of money but are not regulated.
They are required to be registered. Do we have a record of the forex bureau’s daily transactions?
He quizzed if the inspectorate division of the Bank of Ghana was sleeping on the job to the extent that you have several black market dealers hanging around. All these things have to be regulated. There is nowhere in the world where you walk around and find a black market operating recklessly. Anywhere in the world, the forex trade is regulated”.
He emphasized that the central bank must properly regulate the forex market in order for the government to collect the appropriate taxes from their operations.
He stated that there was something suspicious going on in the financial sector that required the Central Bank and the Finance Ministry’s attention.
He was recently speaking in an interview with Kwabena Agyapong on Rainbow Radio 87.5Fm.