The Bank of Ghana has moved to reassure the business community following growing concerns over access to foreign exchange (forex).
Members of the Ghana Union of Traders’ Associations (GUTA) had raised alarms about difficulties in obtaining forex from commercial banks, prompting a meeting with the central bank. During the discussions, the Bank of Ghana emphasized that there is sufficient forex available and urged traders to remain calm, pledging to investigate the perceived shortages and work with commercial banks to resolve the issue.
In response to the central bank’s assurances, GUTA leadership has advised its members to exercise patience while the Bank of Ghana addresses the problem. Dr. Joseph Obeng, President of GUTA, highlighted the bank’s commitment to resolving the matter and encouraged traders to report any ongoing challenges. This collaborative approach aims to stabilize the forex market and ensure smoother transactions for businesses reliant on foreign currency for imports and other operations.
The situation underscores the importance of dialogue between regulatory bodies and the private sector in tackling economic challenges. While the Bank of Ghana’s intervention has provided temporary relief, stakeholders will be closely monitoring the implementation of solutions to ensure long-term forex accessibility.
GUTA’s call for vigilance among its members reflects the need for sustained efforts to maintain confidence in Ghana’s financial system.
