Commercial banks have denied deliberately holding on to their dollar cash despite the adequate supply as assured by the Bank of Ghana.

There are complaints from Foreign Currency Account holders that their banks are unable to provide them with dollar-cash when withdrawing.

JOY-BUSINESS recently witnessed an incident where two holders were told they could only be given cedis instead of dollars from their foreign accounts.

Executive Secretary of the Association of Bankers, D.K Mensah however explains to JOYBUSINESS banks’ just cannot meet all the demands of depositors.
“The money is simply not there. The dollar is not our legal tender and so we all need to change our attitude and have confidence in our cedi because when you come to the bank for dollars the country would have to import the dollar before it would be available. Banks have however been directed not to import dollars anymore and so if you come to the bank and it says there are no dollars to offer that is the situation” he explained.

He however adds there has been some improvement in terms of dollar cash supply by the Bank of Ghana.

“There has been quite some improvement in the demand and supply of foreign cash in the economy since the Bank of Ghana introduced its measures to stabilize the cedi. You can see that from the stability of the exchange from which has fallen from over 2 cedis to about 1.9 and we hope it going continue” he concluded.

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