Finance

If you need dollars, come to us – Forex Bureaus to Ghanaians

A forex bureau

The Vice President of the Forex Bureau Association of Ghana, Dr. Alex Akpabli, has asked Ghanaians to desist from doing business with dealers in the black market.

According to him, their activities have been a major contributor to the woes of the cedi.

He argued that using the same strategies to solve the cedi’s problems will not produce the intended results.

He said, “the challenges we are facing today can’t be solved by the same practice, there must be a paradigm shift.”

Dr. Akpabli acknowledged however that the black market poses a huge challenge to the operation of forex bureaus in the country.

“We have the parallel market that competes with us, the black market, that is the challenge. If you need Dollars come to us and we can help but if you choose the black market which is not safe then there is a problem,” he was quoted by 3news.com.

Meanwhile, traders and importers have shared the same sentiments, while noting that the activities of the black market are derailing their working capital.

Speaking to a trader, Abigail, she said: We are pleading with the government to arrest those in the black market. They are the main reason the dollar and CFA keep increasing. The dollar rates are changing too rapidly. In a day, the dollar can rise about three times within three hours.”

“It is unbearable,” she told GhanaWeb Business.

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Shaima, who retails socks and other clothing items recounted that “the black-market folks have hoarded the dollars. They are the reason the rates have gone up. What we know is that exchange is done in either bureaus or the bank, but now these black-market people have taken over.”

 

Source: www.ghanaweb.com

Ogyem Solomon

Solomon Ogyem – Media Entrepreneur | Journalist | Brand Ambassador Solomon Ogyem is a dynamic Ghanaian journalist and media entrepreneur currently based in South Africa. With a solid foundation in journalism, Solomon is a graduate of the OTEC School of Journalism and Communication Studies in Ghana and Oxbridge Academy in South Africa. He began his career as a reporter at OTEC 102.9 MHz in Kumasi, where he honed his skills in news reporting, community storytelling, and radio broadcasting. His passion for storytelling and dedication to the media industry led him to establish Press MltiMedia Company in South Africa—a growing platform committed to authentic African narratives and multimedia journalism. Solomon is the founder and owner of Thepressradio.com, a news portal focused on delivering credible, timely, and engaging stories across Ghana and Africa. He also owns Press Global Tickets, a service-driven venture in the travel and logistics space, providing reliable ticketing services. He previously owned two notable websites—Ghanaweb.mobi and ShowbizAfrica.net—both of which contributed to entertainment and socio-political discussions within Ghana’s digital space. With a diverse background in media, digital journalism, and business, Solomon Ogyem is dedicated to telling impactful African stories, empowering youth through media, and building cross-continental media partnerships.

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