Pressure is mounting on the Bank of Ghana to review parts of its foreign exchange measures aimed at stabilizing the local currency.

Importers have complained about the negative impact some of the measures have had on their operations whilst commercial banks have also lamented over a sharp reduction in their exchange rate transactions.

The Bank of Ghana in February 5, 2014 revised rules governing the operations of Foreign Exchange Accounts (FEA) and Foreign Currency Accounts (FCA).  The bank, for instance, directed that no bank shall grant a foreign currency denominated loan or foreign currency linked facility to a customer who is not a foreign exchange earner.

There are suspicions of a possible surge in the operations of the alternative market due to the rate of withdrawals by most importers since the measures were introduced.

Executive Head of Business Development at the Bank of Africa, William Kofi Boateng suggested a review of some of the measures.

He cited the foreign exchange purchased for the settlement of import bills, which the Central Bank says shall be credited to a margin account which shall be operated and managed by the bank on behalf of the importer for a period not exceeding 30 days.