BoG’s plan to stop dollarization of economy criticised

Plans by the Bank of Ghana to stop the dollarization of the economy appear not to be getting the needed support from analyst, sections of the public and some industry players.

The regulator has announced it is working with law enforcement agencies to impose hefty sanctions on institutions that price their goods and services in dollars without the required permit.

But a banking expert, Nana Otuo Achempong tells JOYBUSINESS the Central Bank must come clear on this directive.

“I can’t make head or tail of it [the directive] for the simple reason that there appears to be confusion as to exactly what the bank is trying to achieve,” he said.

Nana Otua said the foreign exchange act is clear that nobody without a license should deal in foreign currency.

However, he said what a notice by BoG is referring to “are instances where people or business entities are quoting prices in dollars quotable in cedis” and called on the authorities of the bank to clarify the directive.



From: Ghana|Joy Business