By King Amoah
The Chairman of the Kumasi Kajetia Mosque branch of the National Democratic Congress (NDC) Mr. Carlos Musah has called on the government to implement measures aimed at discouraging the burgeoning black market business in foreign currencies.
Mr. Musah asserts that tackling illegal foreign currency dealers is the most effective way to stabilize the nation’s currency system.
It would also ensure a free flow of foreign exchange crucial for the success of legitimate businesses.
Speaking exclusively to the correspondent in an interview on Sunday October 5 2025st Kajetia, Chairman Musah expressed profound concern over the operations of these illicit foreign currency traders.
He highlighted that while these black market operators accrue huge profits they contribute nothing to the national coffers through taxation.
This he noted, is particularly alarming given the current economic climate.
At a time when the Bank of Ghana is reportedly in short of essential foreign currencies notably US dollars, pounds sterling and euros to support genuine business people these illegal money dealers are inexplicably are able to meet demands for foreign currency from businessmen.
Albeit at exorbitant rates and pocket their profits Chairman Musah stated.
Posing a critical question Mr. Musah demanded to know the source of these illegal money dealers financial prowess.
He further questioned whether these operators maintain clandestine links with commercial banks, suggesting that such banks might be stocking the coffers of these illegal operators at a fee.
Determined for decisive action Chairman Musah proposed for the formation of a Nationwide Task Force team.
This team he suggested, should be dispatched throughout the country to clamp down on such offenders and protect the national economy.
He passionately argued against the fundamental unfairness of the situation:
How on earth should a citizen be allowed to operate business illegally and make substantial profits without paying tax to government chest whereas that person enjoys national imports among others from other people’s tax?
To further discourage the black market business in foreign currency and reintegrate these operators into the formal economy Chairman Musah offered an alternative.
He suggested that those operators should be forced to operate Forex Bureaus whereby they would pay tax to ensure their recognition in the society and thereby setting themselves free from any arrest.
Chairman Musah concluded by emphasizing that a swift government intervention is paramount to create a fair and stable economic environment where legitimate businesses can thrive and the national economy benefits from all commercial activities.
