The President of the Ghana Federation of Traders, Eric Kwaku Boateng has said the recent arrest of over a dozen black market operators in some parts of Accra will not play any key role in helping to stop the depreciation of Ghana’s currency, the Cedi against the Dollar.
The National Security Task Force, on Tuesday arrested 13 persons engaging in illegal foreign exchange trading .
The Team comprised personnel from the Ghana Police Service, the National Intelligence Bureau, and the National Fusion Center of the Ministry of National Security, conducted the swoop around Osu and Tudu, both suburbs of Accra and other notorious areas noted for black market trading.
The move was in a bid to curb further depreciation of foreign currencies and regulate forex trading,
They managed to retrieve various sums of money from the suspects including- USD17,840- CUSD1,450- Naira 515,000 CFA1,167,000, GH¢419,685, €230, and 50 Egyptian pounds.
The suspects and all exhibits have since been handed over to the police for investigation and prosecution.
But speaking to Daakyehene Ofosu Agyemang host of New York based Adinkra Radio Morning show, President of the Ghana Federation of Traders, Eric Kwaku Boateng said the security agencies are targeting and arresting the wrong people.
“After we put out a statement that we intend to go on a demonstration over the fast depreciation of the Cedi, the government told us that the IMF money is coming in and that will help shore up the Cedi. But after the IMF money coming in, as we speak, the dollar has shot up and is now selling at over 16.4. So the government is misdirecting its fight to restore the cedis strength by arresting the black market operators. The arrest of these guys is just a ruse by the government to let the citizenry know that it is doing something to stop the depreciation of the cedi. The black market operators are not the cause of the cedi’s depreciation.” Eric Kwaku Boateng stated.
Source: Adinkraradio.com
