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
-
Photos: Police engage religious leaders at National Police Headquarters
10 minutes -
Gov’t invests GH¢443m in Free Primary Health Care – Dr Asare Bampoe
49 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 -
Is Angela List being targeted? Government must reconsider the Adamus revocation
4 hours