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
-
The Ghanaian prophet and the mysterious death of his scottish wife Charmain Speirs
38 minutes -
Nearly 400 sentenced in Nigeria for links to militant Islamists
59 minutes -
Ghana’s recovery supported by gold strength despite global oil price pressures – Standard Bank Research
1 hour -
Kwaku Azar writes: A-G vs OSP
2 hours -
Mfantsipim–Adisadel rivalry built excellence, not division – Sam Jonah
2 hours -
Vice President launches Mfantsipim’s 150 years of shaping Ghana’s greatest mind
2 hours -
I assure Otumfuo, Mahama will join him to commission KNUST Teaching Hospital by end of this year – Haruna Iddrisu
3 hours -
Barcelona dominate derby to extend La Liga lead
3 hours -
Gov’t to roll out free special education for persons with disabilities from July 1 – Education Minister
3 hours -
Importers and Exporters Association declares full support for Publican AI port system
4 hours -
“We used it to test our officiating officials’ readiness” – Bawah Fuseini after CAA Athletics event
4 hours -
Volleyball emerges as Ghana’s fastest rising sport
4 hours -
National Sports Fund needs strong leadership from the top – Administrator David Wuaku
4 hours -
JoySports Exclusive: Steve McLaren in talks with GFA after expressing interest in Black Stars job
4 hours -
Fire guts auto parts warehouse at Bubuashie, one fire officer injured
4 hours