Business News of 2014-06-14

‘Revised BoG measures won’t help us’

The Importers and Exporters Association has criticized the reviewed foreign exchange measures by the Bank of Ghana (BoG) saying, it will in no way alleviate the challenges they are facing.

Some policies were adopted by the central bank in February, 2014 to curtail the free fall of the Ghana Cedi.

But BoG in a press conference on Friday announced some revisions it had made to the existing measures.

Speaking to Citi News, the executive secretary of the association, Sampson Asaki Awingobit opined that the revised foreign exchange measures is a façade been used to delude many.

He explained that “when you allow me to go to the bank to withdraw more than $1,000 from my foreign deposit account and I am not allowed to use my check book for my foreign currency account or deposit account, then I say it is not a review.”

“I don’t think this is something that the exporters and importers should be excited about. If the Bank of Ghana per their new review is saying that an importer is not permitted to transfer payment from one bank to another account, it will not benefit us,” he added.

Awingobit disclosed that importers are currently facing difficulty in gaining access to foreign currency to transact their businesses due to the BoG measures.

He, therefore, urged the central bank to take a second look at the reviewed measures to allow importers and exporters transact their business with ease.

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