Cedi depreciation: I’ll ban all ‘Black Markets’ — Ayariga goes wild

He said the government must admit that the excessive dollar transaction in businesses in the country is a major factor in the depreciation of the local currency.

He alleged that some officials of the Bank of Ghana give the dollars to traders in the ‘Black Market’.

The ‘Black Market dealers are reported to be contributing to the rapid fall of the local currency.

“Our country is not a dollar nation, we don’t deal in dollarisation of goods, why are we allowed to trade in dollar…Bank of Ghana is the one giving the dollars to Forex Bureaus and the Black Market,” he said.

In an interview on Accra-based Neat FM, he said “I will ban all Black Markets…I will ban forex bureaus in this country…I will ban the operation and accounts holders of foreign currencies in this country, I will close down, nobody will have a foreign currency in this country in a bank…”

Earlier, a joint team consisting of the Bank of Ghana and security personnel led a crackdown on the black market in Accra, seeking to pre-empt further cedi depreciation by curtailing conversions outside the interbank.

However, the effort may prove no more than a short-term painkiller.

More than 70 people were rounded up and a stash of currencies seized during the special operation across obscure areas around Makola and Tudu in Accra.