Bank of Ghana Assures Traders of Forex Stability Amid Rising Concerns
The Bank of Ghana has moved swiftly to allay growing fears among Ghana’s business community, assuring the Ghana Union of Traders’ Association (GUTA) and the public that there is no shortage of foreign exchange (forex) in the country.
This reassurance follows increasing complaints from traders and importers about the difficulty in accessing forex through commercial banks—challenges which have begun to affect international transactions and goods pricing.
Emergency Meeting with GUTA
In response to the growing unease, the Central Bank convened a high-level meeting with GUTA leadership to directly address the concerns.
A statement from GUTA following the meeting indicated that the Central Bank provided assurances regarding forex availability and urged calm among business operators.
“The Bank of Ghana has assured the business community that there is enough forex and that there is no need for alarm,” the statement said.
BoG to Engage Commercial Banks
The Bank of Ghana also stated its intention to engage commercial banks to investigate the root causes of reported delays in forex accessibility. It promised to implement appropriate corrective measures once the situation is fully assessed.
GUTA Urges Members to Report Forex Access Challenges
GUTA President, Dr. Joseph Obeng, has appealed to traders to remain calm as authorities work toward a resolution. He also encouraged members to report any persistent access difficulties to the association.
“The Central Bank is working to resolve the issue, and we urge our members to stay calm. However, if the problem persists, we ask that it be reported to us,” Dr. Obeng emphasized.
Forex Access Critical Amid Currency Volatility
This intervention comes at a time when businesses are grappling with currency fluctuations and global supply chain disruptions, making consistent access to forex critical for stabilizing imports, managing costs, and maintaining market prices.
The Bank of Ghana’s assurance is expected to ease tensions and prevent panic within the trading sector as the country navigates its current economic challenges.
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