Accra targets forex dealers as Ghanaian cedi loses value rapidly

Ghana is cracking down on foreign exchange dealers as its currency slides against major world currencies.
The Ghanaian cedi has lost nearly 60 percent of its value since the start of the year, and experts are warning of difficult times ahead.
Al Jazeera's Ahmed Idris reports from the capital, Accra.


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[kojokojo]

The forex people are not the problem
Our leaders are not sensitive.
We don't produce anything

[adjeikuffor]

How can you get 9 billion dollars from oil and gold and get Royalties 1 billion and give away 8 billion to western companies and go to IMF for 2 billion dollars

[powerpuffgirls]

Bless Ghana to come out under the grip of the economic hitman, and back it's currency with natural resources, get out of the bad 85/15% oil deal, stop importing, and start manufacturing and export. Bless Ghana and its people.

[catherinedelaney]

This black market dealers have been in service for more than 30years so it cannot be the cause for the recent fall of the currency

[fritzlokko]

What needs to be focused and worked on in the Ghana is not done.We need to focus on exporting more processed goods to foreign countries.Not primarily chasing black market traders

[africarisingeconomy-Kenya]

The Cedi is under attack because of the president's stance against Cocoa business exploitation by multinationals.
Forex earnings are down, that is the fact.Ghana is short of dollars.Join the dots.
Where are their reserves to upstand the Cedi?

[incrediblestevrhymz]

It appears Nigeria and Ghana are having the exact same problem, currency manipulation, the efcc, Nigeria's security agency for economic issues raided the black market dealers in Abuja and had to redesign the naira notes, then the naira started appreciating against the dollar...

[Ceedeetunis]

The problem with most African countries is everything, including basic necessities and food stuff, is imported. There is very little grown or manufactured locally to export. The governments export their raw materials for pennies, only for the buying countries to add value and resell it to them 10-100+ higher. Going after the “low hanging fruit” is a distraction and no where close to solving the problem.

[goodallknight]

Value is based on what is PRODUCED, not the foreign exchange rates. Let’s stay FOCUSED here. Ghana’s infrastructure and manufacturing base must continue to expand. Ghana is headed in the right direction. It’s just not happening as fast as many folks would like.

[wilytechhubgh]

The black market isn't the problem.
Bank of Ghana says cedi to dollar is around 14cedis yet banks are charging around 16cedis.
About 2 dollars extra charged by the banks yet the government is chasing the wrong people.
SMH

[tlawengmophosho]

Forex is a price, this is a country which refuses to account for its oil revenue.

Currency dealers cannot overturn supply and demand equations

[robertlindsay]

We have seen if in Takoradi. The old guys in market circle have literally rooms full of different currencies . I recon, combined, they have more cash in their possession than the government itself. But you have to remember this. In Rawlings time it was illegal to talk in Usd. Now there are billboards around town advertising mostly property, pricing in USD! Absolutely bizarre 😳

[dominicabah]

In Bulgaria all transactions are in the local currencies. It is a crime to buy and sell in foreign currencies. Banks and few license bureau de change are the only outlets to access foreign currencies.

[hajiahajo]

They are just shifting blames. Control the importation of goods that can be produced in Ghana to reduce the need for dollars in our economy. For example, our markets being flooded with imported salt and spices from China when we have the best salt and herbs to make our own spices in Ghana. Re-education is needed to change the mind set of Ghanaians.

[agyemanboaten]

Idiotic action. The central bank gives the rate to the forex. That sector is tiny and has little impact. We are suffering from decades of incompetent fiscal policy combined with low productivity in both public and private sector. If the world sneezes we therefore catch a cold or worse.

[vervetech]

Decrease imports of finished goods, increase local production and export more finished goods, reduce fiscal deficit.

[topmedicalshop]

How could you be a Gold coast but with no Gold reserves. It's time to get out of dollarization back up your money with Gold. 10% royalty is too low, aggressive 25 to 30% better.

[weskerwillie]

All coinciding with when Ghana wants to stop selling cocoa and want to start producing chocolate

[alfredsimbo]

The same happens in Sierra Leone. Forex dealers are very hard to regulate

[MathswithGreg]

INSTEAD OF BLAMING THE INCOMPÉTENT LEADERS, SEE WHAT THEY ARE DOING. HAVOC !