Audio By Carbonatix
The Bank of Ghana (BoG) is assuring the public that it has enough dollars to meet operations of commercial banks. The assurance follows reports by most banks that they do not have enough dollar cash for their dealings.
According to the commercial banks, the situation is also making it difficult to meet the demands of some foreign currency holders.
But the BoG argues that the situation could be linked to banks that are not complying with measures introduced last year to check dollarisation.
Adams Henaku, Head of Treasury at the Bank of Ghana said the regulator has not given any directive to commercial banks to limit their forex transactions to be cashless.
Explaining why some foreign currency holders are having challenges in withdrawing dollars from their accounts, Mr. Henaku said the accounts are for imports and travelers.
He said it is wrong for people to withdraw dollars over the counter to pay for goods and services in the country.
The Bank of Ghana last year put forth a series of measures to stabilize the cedi. These include key interest rate hikes, changing of bank reserve requirements and bond auctions to mop up excess liquidity.
The banks on the other hand have argued that the measures are badly affecting their operations and have called for a review.
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
-
Firefighters contain raging fire at Labadi Wireless
9 seconds -
Photos: Police engage religious leaders at National Police Headquarters
11 minutes -
Gov’t invests GH¢443m in Free Primary Health Care – Dr Asare Bampoe
50 minutes -
ECG announces power outages in parts of Accra West and Central regions
1 hour -
Otumfuo calls for urgent action to end maternal deaths in Ghana
1 hour -
Prioritise Bawumia’s interest and vote on merit – NPP elder urges delegates Â
1 hour -
Jason Arday death ‘tragedy on so many levels’ says PM
2 hours -
Rotary Club donates phototherapy machine to Ussher Hospital
2 hours -
Analysis: Jason Arday’s death will send shockwaves through a divided academia
2 hours -
CJ’s vacation warrants not limited to politically sensitive cases – Victoria Bright
3 hours -
Parts of Accra to experience power interruption on Sunday for emergency GRIDCo tower restoration
3 hours -
Dafeamekpor defends Ayine’s handling of Aksa case, faults past AGs
4 hours -
Luv FM High School Debate: Afigyaman, OKESS seal Round of 16 spots in style
4 hours -
Dafeamekpor urges Parliament to stay out of Aksa probe, backs expert-led inquiry
4 hours -
The rise and rise of Azigi
4 hours