BoG, police crack down on black market international trade sellers, 76 individuals arrested

BoG, police crack down on black market international trade sellers, 76 individuals arrested

BoG, Police Crack Down On Black Market Foreign exchange Sellers, 76 Folks Arrested

A joint staff of Financial institution of Ghana (BoG) officers and police on Tuesday arrested 76 suspected unlawful black market operators in a particular operation inside Accra’s Central Enterprise District.

Suspected international trade (foreign exchange) merchants had been arrested at a number of hotspots, together with Rawlings Park, Tudu, Cowlane, Circle, Kinbu, Timber Market and Lava.

The particular operation was a part of the BoG’s total technique to sanitize the international trade market to make sure compliance with Ghana’s international trade legal guidelines and rules.

Associated: Greenback on the road: BoG seeks assist to sanitize the foreign exchange market

The police would prosecute these arrested, and the BoG urged the general public to keep away from patronizing the providers of shadow economic system operators and desist from participating in international trade enterprise with out a license.

“Most of the people ought to at all times commerce with the Financial institution of Ghana’s licensed international trade workplace,” learn a press briefing.

In response to Part 3(1) of the Overseas Change Act 2006 (Act 723), “An individual could not have interaction within the enterprise of dealing in international trade with out a license”.

Part 29(1a) of the Act additional states that “An individual who’s engaged within the enterprise of dealing in international trade; with out a license commits a criminal offense and is liable, on abstract conviction, to a high-quality of no more than seven hundred penalty models or a jail sentence of no more than eighteen months, or each.”

The BoG additional warned in opposition to pricing, promoting, paying, or receiving fee for items and providers in international foreign money in Ghana, as the one authorized tender in Ghana is the Ghana Cedi and Ghana Pesewa. .

“It’s a crime punishable by regulation. Such violations are punishable, on abstract conviction, by a high-quality of; as much as 700 penalty models or a jail sentence of no more than 18 months, or each,” the assertion learn.

As a part of complementary measures to make sure compliance with Ghana’s international trade legal guidelines and rules, the financial institution mentioned it might implement buyer identification (Ghana card) and the issuance of digital receipts for every international trade transaction.

It additionally intends to accentuate public consciousness and media engagements to teach the general public about foreign exchange guidelines and rules, together with the necessity to; keep away from the unlawful market.

“Members of the general public are inspired to report all foreign money violations.”

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