The Bank of Ghana has launched investigations into the foreign exchange trading practices of commercial banks following widespread complaints from traders about a shortage of US dollars.
Speaking to the media after a mid-year engagement with Parliament’s Select Committee on Economy and Development, BoG Governor Dr. John Pandit Asiama described the meeting as productive.
He assured the public that recent gains by the Ghanaian cedi are sustainable and not a fluke.
However, committee members offered differing views on the cause of the alleged dollar shortage.
Committee Chairman, Eric Afful, downplayed the concerns, attributing them to tighter scrutiny of import documentation as part of efforts to curb money laundering.
But Ranking Member Kojo Oppong Nkrumah disagreed, asserting that the shortages are linked to currency manipulation, not documentation issues.
He maintained that the Bank’s ongoing investigations will eventually confirm this.
The Bank of Ghana is expected to provide further details on its findings in the coming weeks.
Source: Starrfm.com.gh
