Government to enforce foreign exchange laws amdist the cedi's decline

Government has indicated plans to enforce the foreign exchange laws to prevent its abuse by traders.

One of the reasons cited for the cedi's continuous decline is the huge amounts of dollars carried by traders on the Ghana-Asia corridor.

The practice JOYBUSINESS has learnt is against the country's foreign exchange and money laundering laws which prohibits people from carrying more than 10 thousand dollars for foreign transactions.

JOYBUSINESS has also gathered some traders carry as much as 50 thousand dollars for their foreign transactions due to claims of difficulties in passing it through the banks.

But Deputy Finance Minister, Seth Terkper tells JOYBUSINESS government will get tough with traders who flout these laws.

Meanwhile, the local currency continuous to decline in value against the dollar as you would now need 1 cedi 95 pessewas to buy a dollar on the forex market. Mr.Terkper however disagree the current woes with the cedi has moved beyond interventions

Story by Emmanuel Agyei / Nana Agyei Essuman - Joy Business