The Bank of Ghana (BoG) has disclosed that individuals working within the black market are partaking in illegality.

Head of the Overseas Alternate Bureau Examination Workplace, Adwoa Konadu Tortor, stated an individual who does that would face an 18-month jail time period or be fined by a reliable courtroom of jurisdiction or each.

She informed Kwabena Agaypong on Rainbow Radio 87.5Fm’s Frontline that the Police are mandated to arrest such individuals, arraign them in courtroom, and prosecute them.

“It’s unlawful to conduct enterprise within the foreign exchange market with out a license.” Anybody who operates out there with out a license is breaking the regulation, and the police have the authority to arrest them. When they’re arrested, they should be introduced earlier than a reliable courtroom of jurisdiction, prosecuted, and if discovered responsible, they face a tremendous of 700 penalty models, 18 months in jail, or each.”

He stated the courtroom may additionally seize ann property and cash from the unlawful commerce from the offenders.

She appealed to the media, most of the people and different stakeholders to assist the BoG in clamping down on the unlawful operations of unlicensed foreign exchange merchants.

She informed these breaking the regulation, “Cease it now!” Apply for a license if you wish to commerce currencies. “Don’t cover in a small nook and function illegally.”

In the meantime, the police have arrested 76 individuals in Accra for allegedly partaking within the unlawful buying and selling of foreign currency (foreign exchange), significantly US {dollars}.

The suspects have been apprehended final Tuesday by a particular group from the Ghana Police Service (GPS) and the Bank of Ghana (BoG) for illegally promoting and shopping for the CFA Franc, euro, and British pound, amongst different currencies, in Accra’s Central Enterprise District (CBD).

They have been apprehended in Rawlings Park, Tudu, Cowlane, the Kwame Nkrumah Circle, Kinbu, Timber Market, and Lava and have since been positioned in police custody to help with the investigation resulting in their prosecution.

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