An illegal foreign exchange dealer, operating in the ‘black market,’ is blaming some banks in the country for the constant depreciation of the cedi against the dollar.
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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