Are some banks backdating exchange rate figures to empty customers' accounts? - Reports

Honorary Vice President of IMANI Africa, Bright Simons, has raised concern over a particular development which he believes is occurring in the banking sector.

According to Bright Simons, customers of some Ghanaian banks claim that some financial institutions are allegedly backdating exchange rate figures at the present and subsequently emptying customers' accounts to settle large differentials.

He shared an image from one of the messages a customer had received from an unnamed bank which showed a nearly negative balance on their investment.

In a tweet posted on January, 6 2023, Bright Simons wrote, “Don’t know if it's a fallout from the organised run on the $. But there's a curious & bizarre situation unfolding where customers of some Ghanaian banks claim that the banks are backdating exchange rates now & emptying their accounts to settle large differential.”

“The incidents I'm aware of mostly involve under-pressure crypto exchange, @binance. However, in customer service exchanges I've reviewed Binance denies responsibility & insists that Ghanaian banks are acting unilaterally,” he added.

GhanaWeb Business is working the lines to probe further into the alleged development in the banking sector.

Meanwhile, after Ghana secured a Staff-Level Agreement from International Monetary Fund to restore macroeconomic stability, among others, government plans to undertake a domestic debt exchange programme (DDE).

The exercise is a key requirement toward reaching a Board Approval from the Fund to secure an amount of $3 billion under an Extended Credit Facility.

Under the DDE programme, government is inviting domestic bondholders to voluntarily swap their bonds for fresh ones. It is targeting approximately GH¢137.3 billion of principal amount, outstanding of certain domestic notes and bonds issued by the government.

Don't know if it's a fallout from the organised run on the $. But there's a curious & bizarre situation unfolding where customers of some Ghanaian banks claim that the banks are backdating exchange rates now & emptying their accounts to settle large differentials#DevelopingStory pic.twitter.com/WdW8fLoqZX

— Bright Simons (@BBSimons) January 6, 2023

The incidents I'm aware of mostly involve under-pressure crypto exchange, @binance. However, in customer service exchanges I've reviewed Binance denies responsibility & insists that Ghanaian banks are acting unilaterally.#DevelopingStory pic.twitter.com/Y4qF41brui

— Bright Simons (@BBSimons) January 6, 2023

MA/FNOQ