BoG dismisses dollar shortage claims, says there’s enough to meet demand

The Bank of Ghana (BoG) has rejected reports of a dollar shortage in the economy, assuring the public and business community that there is sufficient foreign exchange supply to meet market demand.

The central bank’s response follows growing concerns from some traders and businesses about delays in accessing dollars for transactions, particularly from their foreign currency accounts.

However, persons close to the BoG say 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 must 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.

These concerns have since extended beyond the business community, with some individuals also claiming challenges in withdrawing dollars from their accounts