Ban 'black market' currency dealers to help stabilise cedi

The Chairman of the Newspapers Vendors Association of the New Patriotic Party (NPP) in Kumasi Mr Bismark Ayensu has said until government move a step forward to ban the activities of illegal forex dealers, otherwise known as 'black market' the quest to stabilize the Ghana cedi will continue to fail.

Speaking to this reporter in an interview, Ayensu expressed worry about the free fall of the local currency.

The NPP stalwart allegedly linked the situation to the black market dealers conniving with certain bank officials to deny the public some dollars.

He added that the dealers buy foreign currencies particularly the major currency the dollar in bulk, create artificial shortages and later sell them to the public at higher rates.

According to Mr Ayensu, if the practice is not stopped, the cedi will continue to fall.

He noted that during the late President JJ Rawlings's regime the cedi began to drop.

He stressed that the Rawlings administration banned the black market which saw some restoration of the local currency.

"I am also imploring the government to probe into my allegations since I have mentioned ex-President Rawlings' regime in this matter.

"It was against this background that hence l am calling on the government as a matter of national interest to ban the money changers from society to help stabilize both the cedi," Ayensu pointed out.