Business

Black market is killing Forex Bureau business

Mr Chris Addy Andoh, operator of the Kash Forex Bureau in Tema has called on government to control the activities of black marketers in the foreign exchange business. Mr Andoh in an interview with the Ghana News Agency said activities of the black marketers were collapsing operations of forex bureaux in the country.

He explained that such operators who are mobile and visible are able to lure customers with their slightly better rates while the forex bureau who were regulated by law and pay taxes to the government, struggle in their enclosures. He cautioned the public against buying foreign currency from the black market as that could expose them to risk of been given fake currencies and even robbed.

Mr Andoh advised them not to only consider the rate of exchange on offer when choosing a place to trade currencies but must also consider the risks involved. Meanwhile, an anonymous black market customer said she has been buying currency from them for over five years now and had no fears of falling victim to any risk.

She added that the black market was reliable and fast, as they operated 24-hours daily and offered better rates than the forex bureaux. According to her, customers also have the opportunity to bargain with the black market operators in addition to changing monies without having to show their identity cards.
Tema Community One business area has a lot of black marketers who openly operate and call on the public including policemen to do business with them while trading in other wares especially wrist watches.

They are mostly seen near the Tema Community One market branch of the Ghana Commercial Bank (GCB), and the casino area which is about 100 meters away from the Community One Police station.

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