The Bank of Ghana has initiated investigations into the foreign exchange trading practices of commercial banks in response to numerous complaints from traders regarding a shortage of US dollars. Following a mid-year engagement with Parliament’s Select Committee on Economy and Development, BoG Governor Dr. John Pandit Asiama reported that the meeting was productive.
Dr. Asiama reassured the public that the recent appreciation of the Ghanaian cedi is sustainable and not a temporary fluctuation. However, members of the committee expressed differing opinions regarding the root causes of the reported dollar shortage.
Committee Chairman Eric Afful attributed the concerns to enhanced scrutiny of import documentation aimed at combating money laundering, suggesting that these measures have led to tighter dollar availability. In contrast, Ranking Member Kojo Oppong Nkrumah contended that the shortages are a result of currency manipulation rather than documentation issues. He expressed confidence that the Bank of Ghana’s ongoing investigations would ultimately validate his perspective.
The Bank of Ghana is anticipated to release additional details on its findings in the upcoming weeks.ng weeks.