The Bank of Ghana has moved to ease growing concerns within the business community, particularly among traders and importers, by assuring the Ghana Union of Traders’ Association (GUTA) that there is no shortage of foreign exchange (forex) in the country.
This follows mounting complaints from traders about difficulties in accessing forex from commercial banks, which they say is hampering their ability to carry out international transactions.
In response, the Central Bank convened a meeting with GUTA leadership to address the issue.
According to a statement issued by GUTA, the Bank of Ghana affirmed that the country’s forex reserves are sufficient and that there is no cause for alarm.
“The Bank of Ghana has assured the business community that there is enough forex and that there is no need for alarm,” the statement read.
The Central Bank further indicated that it will engage commercial banks to identify the root causes of the reported delays and challenges in accessing forex, and take appropriate measures to address them.
In the wake of the meeting, GUTA President, Dr. Joseph Obeng, urged members of the business community to remain calm as the Central Bank works to resolve the matter. He also encouraged members to report any ongoing difficulties in accessing forex to the association for redress.
“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 said.
The assurance comes at a time when traders are under increasing pressure due to currency volatility and global supply chain disruptions—factors that make reliable access to forex essential for sustaining operations and maintaining price stability.
Source: Mybrytfmonline.com/Nana Agyenim Boateng Sikapa
