Bank of Ghana Assures Traders of Forex Availability Amid Access Complaints

The Bank of Ghana (BoG) has responded to growing concerns within the business sector, particularly from the Ghana Union of Traders’ Association (GUTA), over challenges in accessing foreign exchange (forex) from commercial banks. Traders and importers have complained that these difficulties are disrupting their ability to engage in international trade.

To address the situation, the BoG convened a meeting with GUTA leadership. During the discussions, the Central Bank reassured the business community that there is no shortage of forex in the country. A statement released by GUTA confirmed that the BoG emphasized the availability of adequate forex and urged traders not to panic.

In addition to giving this assurance, the BoG pledged to investigate the reported challenges by engaging with commercial banks. The objective is to identify the underlying causes of the delays in forex access and implement corrective measures to improve the situation.

GUTA President Dr. Joseph Obeng echoed the Central Bank’s reassurance, urging traders to remain calm and cooperative as efforts are made to resolve the issue. He also encouraged business operators to report any ongoing forex access problems to the association so they can be addressed promptly.

This assurance from the Central Bank comes at a critical time when traders are already under pressure from currency fluctuations and global supply chain issues. Ensuring smooth access to forex is essential for maintaining market stability and supporting businesses engaged in international trade.

Source: citi newsroom