A group of importers in the country have expressed concern about their difficulties in getting US dollars from the bank.
In a statement, the Concerned Importers, noted that despite recent stability of the Cedi, it has now become difficult for them to get dollars from the banks.
The development, the importers said, is concerning, and affecting them as they have to rather look for dollars at the black market at “exorbitant rates.”
”As businessmen who import goods, our main trading currency is the US Dollar, which we buy from home for our external transactions. And the Cedi’s recent stability against the US Dollar came as good news to importers and traders, for obvious reasons. However, just as we began to revel in the stability, we are now confronted with another challenge of struggling to buy US Dollars from the banks,” the importers noted.
“For some days now, our members have been left in a limbo as many of the banks claim they don’t have US dollars, a development which has compelled importers to resort to the black market for dollars at exorbitant rates.”
The importers expressed worry that what the Bank of Ghana regularly announces as the interbank rate does not reflect the reality, leading to the refusal of banks to make dollars available for sale, a situation they said leaves them with no option but to look for dollars from the black market at an extremely higher rate.
“On paper, the cedi is supposed to stabilise, which means we should be able to get dollars at the approved and lower rates from the bank, but that is not the case. We are not getting the dollars from the bank. It is very difficult,” they said in the statement.
“Under the circumstances, we have no option but to resort to the black market to get dollars at rates far higher than what the Bank of Ghana announces, and this is affecting us.”
“How can the Bank of Ghana announce 10.3 Cedis to a Dollar and the banks won’t make the dollar available. Is it because they don’t believe in the BoG’s rates?”
“The disparity between the BoG’s rate and the reality in the forex market is too wide and concerning.”
The concerned importers said they have decided to “express their concern through the media,” because they did not understand “why they are not getting dollars from the banks at approved rates when the government has been giving assurances.”
“If the Cedi has really stabilised as is being portrayed, then the Bank of Ghana should compel the banks to have confidence in its rate and sell dollars at the same rates to traders.”
“The present situation where the BoG only announces the forex rates, without the banks selling dollars is deeply worrying.”
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