BoG Governor, Dr. Johnson Asiamah
The Bank of Ghana (BoG) has assured the public that there is sufficient foreign exchange supply to meet market demand.
Responding to claims from some traders and businesses about delays in accessing dollars to complete transactions, particularly from their foreign currency accounts, the BoG said the current challenges stem not from a lack of foreign exchange, but from strict enforcement of existing foreign exchange laws requiring full documentation for dollar transactions.
A senior official at the BoG explained, “Last week, someone was complaining about delays in forex transfer. We investigated, only to find out that his documentation was inadequate. We want to make sure that all these withdrawals and transfers are backed by the required and adequate documentation. The Bank of Ghana has a duty to manage Ghana’s forex reserves prudently,” the official stated.
The source further stressed that commercial banks cannot process forex transactions without proper paperwork.
“We should also understand that commercial banks will not carry out these transfers if they are not backed by the right documentation,” the official added.
The President of the Ghana Union of Traders Association (GUTA), Dr. Joseph Obeng, first raised the issue at the Graphic Business/Stanbic Bank Breakfast Meeting, citing difficulties traders face in accessing dollars from banks.
Following engagements with the Bank of Ghana, GUTA has since issued a statement confirming that the central bank has reassured traders of adequate forex availability.
GUTA has urged its members and the broader business community to remain calm as discussions continue.
Meanwhile, the Chief Executive of the Ghana Association of Banks, John Awuah, says the association has launched its own investigation to understand the situation.
He also advised against large over-the-counter withdrawals of dollars, citing global best practice.
“We should understand that the dollar is not our currency and any time one wants to withdraw, that has to be justified,” he said.
A Business Desk Report