Chief Executive Officer of the Ghana Cylinder Manufacturing Company (GCMC), Frances Essiam is impressing upon the Bank of Ghana to extend the same measures it used in dealing with the banking sector crisis, to the forex system in the country.
According to her, there is need for an absolute and deliberate effort to sanitize the forex system and ensure that they operate in accordance with best practices in the world.
Contributing to a discussion on the depreciation of the local currency, the cedi on an Accra based radio station and monitored by BestNewsGH.com, Ms. Essiam averred that there was a forex racketeering syndicate comprising the banks, forex bureaus and the illegal black market dealers, locally known as gawo gawo, who have been a part of the challenge the cedi is facing.
Ms. Essiam is pushing for strict laws and measures that will serve as deterrent to intransigent people who are in the forex business, adding that the laws should be such that once a person sells the dollar beyond the acceptable price, the fellow should be arrested.
‘’If we don’t break that syndicate, it will be difficult to deal with the current situation we find ourselves as a country. We should not think only about the votes. We must be pragmatic and bold in this fight. Let’s get these people arrested if they sell above the price and they will fall in line’’ she opined.
She is also suggested that the Minister for finance, the Bank of Ghana and the Economic Management Team should arrange meetings with trade associations such as the Association of Ghana Industries (AGI) and the Ghana Union of Traders Association (GUTA) among others, to iron out how they can access dollars anytime the need arises, so that people will not take undue advantage to sell to the public and trading community at obnoxious rates.