Dr. G.K. Agama , Governor of Bank of Ghana has said that there is no foreign exchange squeeze on the bank as a result of the fuel shortage which hit the country about three weeks ago . He said the country's crude oil and other petroleum imports are covered by letters of credit and payments are effected 45 days after delivery.
Dr. Agama, reacting to rumours circulating in international circles that as a result of the fuel crisis , that BOG has placed a ban on transfers of dividends of foreign investors, said the country's crude oil requirements are carefully programmed with due regard to foreign exchange cash flows.
Last week there were reports from London to the effect that there has been foreign currency squeeze on the BOG as a result of the fuel shortages in the country which compelled the BOG to utilise all its available resources .
The reports said further that investors were unable to get their dividends through the BOG , thus creating panic amongst the investor community.
Dr. Agama said the shortage did not exert any pressure on the demand for foreign exchange and that dividend payment is done through the commercial banks and not through the BOG.
Commenting on the issue , Mr. Kobina Quansah, Deputy Managing Director, Barclays Bank Ghana Ltd dismissed the whole rumour and said there is no basis for it.
He said the bank has cleared all outstanding dividend payments and that it is very unfortunate for people to create a wrong impression about foreign exchange transactions in the country .
Mr. Vishnu Mohan, Managing Director of Standard Chartered Bank Ltd said his bank makes provision for the transfer of dividends of foreign investors .
He said the BOG does not come into the picture when it comes to transfer of dividends by foreign companies and stated that it is the commercial banks that source their own foreign exchange to meet those requirements .
Mr. David Ansah, acting Managing Director of Merchant Bank Ghana Ltd who corroborated the assertions made by Mr. Quansah and Mr. Mohan said the BOG does not approve the transfer of dividends of foreign investors.
He said the BOG has put in place regulations covering the transfer of dividends of foreign investors and said his bank only last week worked on the transfer of one of such dividends .
Mrs. Veronica Agbodza , Director, International Banking Division of Ghana Commercial Bank said the bank does not handle dividend transfer of foreign investors .
On the payment of the country's crude oil requirement , Mrs. Agbodza said no payment is due yet neither does the country owe any agency or company in respect of crude oil payment.
