Business News of 2014-02-15

Association of Bankers assures public

The Ghana Association of Bankers (GAB) has given the banking public an assurance that since May 2012, it has maintained dialogue with the Bank of Ghana (BoG) on identifying appropriate measures to correct and reverse the growing dollarisation of Ghana’s economy and the inherent danger it poses to the economy.

By notices of the BG/GOV/SEC/2014/02 and BG/GOV/SEC/2014/03, the BoG introduced additional guidelines to the banks and the public aimed at decelerating the current rapid decline in the value of the cedi and also ensure continued exchange rate stability.

The GAB and its composite member-banks are currently reviewing the guidelines to determine their immediate impact, as well as any unintended consequences to banks and the banking public.

They will also continue to receive feedback and clarification requests from the banking-public. The outcome of our internal review process and the feedback from the public will form the basis for further consultation and dialogue with the authorities in the coming days.

They will like to re-assure the general public, especially holders of Foreign Exchange Accounts (FEA) and Foreign Currency Accounts (FCA), that balances held in these accounts remain available for all legitimate transactions abroad when backed with relevant documents, as well as for foreign travel.

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