Reduce rice, poultry importation and the Cedi will gain – Murtala

Tamale Central Member of Parliament Murtala Murhammed has asked the government to reduce the importation of rice and poultry products into the country in order to resolve the woes of the Cedi.

The former Deputy Trade Minister said he can bet his last penny that the Cedi will get out of the doldrums and gain against the Dorla if the government heeds his words by reducing importation.

Murtala was speaking on the New Day show on TV3 on Friday September 23 with Johnnie Hughes while commenting on the action taken against Black Market foreign exchange operators, by the Bank of Ghana.

He said “People are bring in rice and they don’t even pay taxes, a lot of corruption at the borders, a lot of corruption particularly borders with Ivory Coast .

“So if you are crying like a spoiled child that the Cedi is losing its value , ensure that you reduce the importation of rice and poultry products in into this country and I can bet my last penny, the Cedi will indeed reemerge from the doldrums.”

For his part, a Fraud and Security Analyst, Mr Richard Kumadoe said BoG should do more in dealing with  black market foreign exchange operators in the country despite the recent action taken.

He wants the central bank and the security agencies to go beyond just arresting the perpetrators to investigate persons who are behind their operations.

“Money is a commodity just as in basic economic when it comes to goods and services . Bank of Ghana is the custodian of many of the moneys we have particularly the Dorla that has been in limited supply.

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“They might end up going after the black market people but what are the core issues? Will that really solve the problem?

“Who are the beneficiaries of these moneys? What do they use it for? Can’t they have any alternative? I think there are many things we can do far better than now,” he said.

The BoG, together with the Ghana Police Service, on Tuesday  20th September 2022, conducted a special operation on foreign exchange (forex) parallel market operators (otherwise known as black market operators) at identified hot spots within  Business District (Rawlings Park, Tudu, Cowlane, Circle, Kimbu, Timber Market and Lava) and throughout the country.

In all about 76perpetrators were apprehended by the police for prosecution. The special operation will continue nationwide.

The purpose of the operation was to clamp down on individuals and entities engaging in the business of buying and selling foreign exchange without a licence from Bank of Ghana in violation of Ghana’s foreign exchange laws and regulations.

Speaking to Journalists after exercise, the Head of the Foreign Exchange  Bureau Examinations Office, at the Bank of Ghana, Adjoa Konadu Torto, indicated that the exercise will continue in other parts of the country in the coming days.

She maintained that members of the public who patronise the activities of ‘Black Market” operators are equally guilty before the law.

“The over 76 perpetrators were apprehended by the police for prosecution. The special operation will continue nationwide”.

“The purpose of the operation was to clamp down on individuals and entities engaging in the business of buying and selling foreign exchange without a licence from Bank of Ghana in violation of Ghana’s foreign Exchange Laws and regulations”, she explained.

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She cautioned the general public to desist from engaging in illegal foreign exchange business without a licence.

“The general public must always trade with the Bank of Ghana licensed foreign exchange (forex) bureaux. Accordingly, the Anti-Money Laundering ACT, 2020 (Act 1044) as amended instructs all bureau customers to insist on their electronic receipts by providing the acceptable valid ID, the Ghana Card, to cover the buying and selling of all foreign currencies”, she added.

By Laud Nartey|3news.com|Ghana