The African Policy Lens (APL) has described the Bank of Ghana’s (BoG) latest directive on foreign currency cash payments to large corporates as “regressive” and called for its immediate withdrawal.
In a statement, Dr Frank Bannor, a Fellow of APL, said the central bank’s move risks inflicting “serious harm” on the Ghanaian economy by prioritizing a short-term exchange rate boost over sustainable policy.
The BoG’s directive instructs banks to stop disbursing foreign currency cash to companies such as Bulk Oil Distribution Companies (BDCs) and mining firms, unless those companies lodge equivalent foreign currency deposits with their banks.
But Dr Bannor questioned the feasibility of the measure, asking how firms like BDCs, which sell their products locally in cedis, are expected to deposit foreign cash before securing forex to import petroleum products.
“Where exactly does the BoG expect these corporations to obtain such forex for deposits in the first place?” he said.
Dr Bannor warned that the policy could push critical businesses toward the black market, undermining the very stability of the cedi that the directive seeks to protect.
He also challenged the central bank’s consistency, pointing out that if—as the Governor insists—the exchange rate is determined solely by market forces, then there should be no cause for anxiety.
“As it stands, this directive clearly demonstrates that the BoG has lost touch with its mandate,” Dr Bannor added.
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