The Head of the Price Statistics Unit at the Ghana Statistical Service (GSS) has said that it will be impossible to completely eradicate the black market.

John Foster Agyaho while speaking on JoyNews’ AM Show, Monday, said instead of trying to eliminate the illicit activity, it will be better to regulate it.

“We certainly cannot completely eradicate the black market. What they do is that they create artificial shortage. When they get the dollar they hoard it. So when the demand is high, the price go up, then they come and sell.

“Once you minimize their activity, you’d be able to have some stability at the Forex front.”, he said.

Activities of the black market have hampered the country’s fiscal growth thus constantly raising the dollar to Cedi rate.

Traders have capitalised on the situation by disproportionately pricing goods and services. 

Ghana’s economy has been on the downturn with incessant criticism of the government for failing to address the situation.

2022 has proved quite troubling for the Ghanaian economy as it faced continuous hikes in inflation and cedi depreciation.

However, the cedi has regained some stability recently as the government seeks to keep strategizing to revive the economy.