Audio By Carbonatix
There appears not be enough dollar cash for the operations of most commercial banks.
Joy Business checks reveal that most of them do not have adequate dollars to meet the demands of some foreign currency holders.
The banks have attributed the short fall to limited supply of the currency by the Bank of Ghana.
The cedi has come under serious pressure due to high demand for the dollars by businesses to cover their import bills.
Some of the banks have told Joy Business they have even received directives from the central bank to limit their dollar transactions.
But a Treasury and Financial Consultant Chris Odamteng told Joy Business the challenge should be seen as part of measures to halt dollarization.
Mr. Odamteng however concedes this might lead to some short term shocks to the economy.
The current challenge could also affect prices of goods and services as most importers might want to pass the high cost of bringing in their goods to consumers.
According to the Bank of Ghana you would need now 2 Ghana Cedis 2 pesewas to get a dollar from the Forex Bureaus.
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
Tags:
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
Latest Stories
-
MTN announces airtime and data sales blackout for January 2 in preparation for new VAT tariffs
10 minutes -
12 of the best TV shows to watch this January
11 minutes -
NPP begins nationwide exhibition of voter register for 2026 presidential primaries
32 minutes -
Senegal conclude Group D with comfortable win over Benin as both progress to Round of 16
1 hour -
Scores sleep overnight at Accra Sports Stadium more than 18 hrs ahead of Alpha Hour Convocation
2 hours -
When revenue collection hurts business
2 hours -
Creative Canvas 2025: Shatta Wale – Disruption as a strategy, dominance as the result
3 hours -
Is talk of “losses” by GoldBod just abstract drivel? Bright Simons asks
4 hours -
US Strikes: Ondo Amotekun arrests 39 fleeing suspected terrorists
4 hours -
New Passport Office opens in Techiman, bringing vital services closer to Bono East residents
5 hours -
Anthony Hopkins shares advice as he celebrates 50 years of sobriety
5 hours -
KTU Radio wins international award for its unique programme on World College Radio Day
5 hours -
German court jails man for drugging, raping and filming wife for years
5 hours -
Ashanti police intercept 2,600 AK-47 rounds and tactical gear at Asankare Barrier
5 hours -
Alhaji Agongo builds lifeline facility for Ghana Police Hospital’s ‘Unknown Patients’
5 hours
