The new President of the Association of Certified Financial Markets (ACI), has said fair prices and availability of enough forex on the market can go a long way to reduce the operations of ‘black market’
Kofi Asare Pianim said, “As a financial market, what we have to do is own it and our regulator, Bank of Ghana, the more responsibility they put on us, the more liquidity they supply to the market, the less power other markets can possibly provide; so as long as the price is fair and the liquidity is available, nobody will look elsewhere.”
He was speaking to JoyBusiness on the sidelines of ACI Ghana’s inauguration ceremony, which saw him succeeding Ama Biremba Ghartey as new President.
Mr Pianim cautioned the general public against trading on the black market due to lack of regulations. According to him, the safety of people who trade in it cannot be guaranteed.
Effect of black market
The emergence of the black market in foreign exchange has created several complications to policymakers in their attempts to regulate the balance of payments.
One such complication is that variations in the black market exchange rate affect the level of international reserve position of the economy and portfolio decisions of the public.
ACI Financial Markets Association, Ghana, is the 54th member of ACI FMA International.
It is an association made up of wholesale financial market professionals which network spans all the banks and a number of non-bank financial institutions.
ACI is responsible for educating market participants, growing and deepening the financial markets in collaboration with all relevant stakeholders.
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