BoG lifts ban on importation of dollars, other major currencies

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Commercial banks can now import dollars, pounds and other international currencies for their operations.

This follows the Bank of Ghana's decision to lift the ban on importation of foreign exchange by commericial banks last week.

Governor of the Bank, Dr. Kofi Wampah, told Joy Business the move is part of measures to improve supply of dollars on the market and possibly help stabilize the falling Ghana cedi.

“It doesn’t mean that Bank of Ghana has stopped what it is doing. We will still be there to provide additional forex if needed by the banks”, he said.

The Governor maintained that the move would increase circulation of dollars in the system and prevent the current situation, where most of the commercial banks are quoting their own exchange rates.

The Bank of Ghana in 2012 restricted the importation of foreign currencies in a bid to regulate the forex market.

[GN]

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