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BoG and Police begins the arrest of unlicensed money exchangers on the streets

Former Member of Parliament (MP) for Ayensuano Constituency, Samuel Ayeh-Paye, has commended the Bank of Ghana and the Police for swooping down on illegal foreign currency dealers.

Over seventy dealers have been arrested by security personnel.

In a panel discussion on Peace FM’smorning show “Kokrokoo”, Samuel Ayeh-Paye was excited about the move by the Central Bank to rid the financial sector of the illegal money changers, stressing the move will help in the fortification of Ghana’s currency.

The illegal money changers, popularly called ‘black market’, are said to be crippling the cedi as their activities contribute to the dollar (US Dollar) appreciating against the cedi.

Speaking to host Nana Yaw Kesseh, Mr. Ayeh-Paye charged the BoG and the Police to also clamp down on licensed money dealers engaging in illegal activities.

“They should also focus on those who have license but have hidden it and are in the streets exchanging the foreign currencies. That’s also illegal . . . If we get rid of this black market in the system, it will help to strengthen our cedi, he said.

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