The Bank of Ghana (BoG) has dismissed claims of a dollar shortage in the economy, stating there is enough foreign exchange to meet the needs of the market.
This assurance comes amid growing concerns from businesses and traders over delays in accessing dollars, particularly from Foreign Currency Accounts.
Sources close to the central bank told Joy Business that the current challenges are not due to a scarcity of foreign exchange, but rather the result of strict enforcement of foreign exchange regulations.
A senior BoG official revealed that in several instances, delays were caused by inadequate documentation from customers seeking to process forex transactions.
The BoG emphasized that commercial banks are required to verify all documentation before processing any dollar transfers.
“We should also understand that commercial banks will not carry out these transfers if they are not backed by the right documentation,” the official noted, reiterating the central bank’s commitment to prudent forex reserve management.
