BoG forex measures: CAL Bank MD slams critics

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• OSEI 11 years ago

  Frank is correct. The recent BoG policy on dollarisation of the economy, FX withdrawals etc needs to be enforced. It is important that we support this policy and stop our selfish interest from blinding our objective thinking. ...
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  Frank is correct. The recent BoG policy on dollarisation of the economy, FX withdrawals etc needs to be enforced. It is important that we support this policy and stop our selfish interest from blinding our objective thinking. Paying Fx into a bank account does not increase the supply of FX due to the need to balance FX assets and liabilities to meet net open positions. It is only when the FX is sold to the Banks. Most critics of the fx directives are only interested in getting their Fx to black market or take them abroad to buy goods and in the process have the liberty to under invoice their goods and pay less import duties. This is the key selfish interest that is making businessmen and women complain about the fx directive. So Frank is right and I think that there must be open debate on why any body thinks that the policy is not good. Thank you

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• Prophet & Lost 11 years ago

  Last paragraph: MD of CAL Bank says 'I don't necessarily agree with what I don't know.'
  
  He would make an outstanding pastor.

  Last paragraph: MD of CAL Bank says 'I don't necessarily agree with what I don't know.'
  
  He would make an outstanding pastor.

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• kwesi apea 11 years ago

  Mr Frank Adu is very right. BOG should stick to the measures to make the cedi more stronger after all we are Ghanians and we should use the cedi to transact all businesses in Ghana.

  Mr Frank Adu is very right. BOG should stick to the measures to make the cedi more stronger after all we are Ghanians and we should use the cedi to transact all businesses in Ghana.

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• Nii Ablorh 11 years ago

  its neither here nor there, the point is how do you encourage our folks in the diaspora to transfer the hard earned forex to Ghana , in many countries forex accounts are possible, in the Uk for instance you could hold a dolla ...
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  its neither here nor there, the point is how do you encourage our folks in the diaspora to transfer the hard earned forex to Ghana , in many countries forex accounts are possible, in the Uk for instance you could hold a dollar and euro account, the country needs the forex so please don't drive the forex inflow away

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• readi 2 dye 11 years ago

  What's this am hearing on what's APP audio that, monies sent from diaspora is subject to 17% tax....cuz if that the case we are going back to cowlane.

  What's this am hearing on what's APP audio that, monies sent from diaspora is subject to 17% tax....cuz if that the case we are going back to cowlane.

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• KANE 11 years ago

  IN GHANA WHERE IMPORT DUTIES AND MANY OTHER COMMERCIAL TRANSACTIONS ARE INDEXED TO THE EURO AND OTHER CONVERTIBLE CURRENCIES INSTEAD OF GHANA'S NATIONAL CURRENCY, THE CEDI, WHAT YOU EXPECT?
  
  THIS CLEARLY SHOWS THE TERRIBLE ...
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  IN GHANA WHERE IMPORT DUTIES AND MANY OTHER COMMERCIAL TRANSACTIONS ARE INDEXED TO THE EURO AND OTHER CONVERTIBLE CURRENCIES INSTEAD OF GHANA'S NATIONAL CURRENCY, THE CEDI, WHAT YOU EXPECT?
  
  THIS CLEARLY SHOWS THE TERRIBLE LACK
  OF FORESIGHT AND BRAIN POWER BY
  THOSE EMPLOYED BY GOVERNMENT TO
  CONTROL THE NATIONAL ECONOMY.
  
  PERHAPS, GHANA'S BUDGET FIGURES MUST
  BE INDEXED TO CONVERTBLE CURRENCIES.
  
  GHANA'S LEADERS BEHAVE LIKE HEADLESS CHICKENS. EVEN CHICKENS USE THEIR BRAINS TO FORSEE DANGERS AHEAD OF THEM.

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• Chap 11 years ago

  If this guy is the head of CAL bank and stays at post for 10 years. I predict CAL bank will collapse because he lacks wisdom and foresight on the issues at play. He never tackled the main issue. People will not transact busin ...
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  If this guy is the head of CAL bank and stays at post for 10 years. I predict CAL bank will collapse because he lacks wisdom and foresight on the issues at play. He never tackled the main issue. People will not transact business in foreign currencies if the cedi is stable. The stability of the CEDI is never linked in any major way to people using dollars. It has to do with government strategic focus and policies. Too much corruption and using the country money in useless economic agenda's is the bane of the country current situation. If government will adopt sound policies like channeling their resources into productive sectors of the economy and creating interventions for good business investment in the country, the cedi can regain strength and confidence. The judiciary in Ghana appears corrupt and lack independence. This was witness in the last election petition at the supreme court. Investors will not come to a country where law and order does not work. We need to stop this nonsense of improper judgment debt award also. Parliament must work in the interest of the nation not on partisan lines. This will help the economy not those stern BOG monetary policies

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• Farmer 11 years ago

  Those at the top will always work together to protect their turf. everyone is working hard to get their share of a shrinking cake. Automatically corruption is on the rise. And we can see that happening every single day.

  Those at the top will always work together to protect their turf. everyone is working hard to get their share of a shrinking cake. Automatically corruption is on the rise. And we can see that happening every single day.

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• kofi Adu 11 years ago

  Adu should know that the cedi cannot exist in vacuum. Such measures kill businesses and entrepreneurship.
  
  What leaders do we have? dummies

  Adu should know that the cedi cannot exist in vacuum. Such measures kill businesses and entrepreneurship.
  
  What leaders do we have? dummies

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• Brandy S. Djan 11 years ago

  Tell me, who pays Customs duties at the port in foreign currency? The stark reality is that all imports are made in foreign currencies, eg Euro,US Dollar, Pound Sterling etc. On arrival at the ports, after valuation, the valu ...
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  Tell me, who pays Customs duties at the port in foreign currency? The stark reality is that all imports are made in foreign currencies, eg Euro,US Dollar, Pound Sterling etc. On arrival at the ports, after valuation, the values are converted into the local currency , ie, the Ghs.,and then the duty is finally effected in local Ghanaian currency. So what is Kane trying to advance, that is making him insult Mr. Frank Adu? Mr. Frank Adu, Jnr. is right in his assertion. Let us reason with him. Let us show some level of patriotism,and back the Bank of Ghana to sort issues out for ourselves.

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• kwesi apea 11 years ago

  Nii I believe our brothers and sisters in the diaspora can still bring their transfers and convert them into cedis thereby making our local currency the cedi more stronger.

  Nii I believe our brothers and sisters in the diaspora can still bring their transfers and convert them into cedis thereby making our local currency the cedi more stronger.

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• Photosy. 11 years ago

  There is no way you can use dollar or Euro on the streets in South Africa. Their currency Rand is all you need yet the rand keeps falling against the major currencies. It's interesting but Napoleon Bonarparte said, " whatever ...
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  There is no way you can use dollar or Euro on the streets in South Africa. Their currency Rand is all you need yet the rand keeps falling against the major currencies. It's interesting but Napoleon Bonarparte said, " whatever you do the French will always complain " . I think it's worse with Ghanaians, we complain tooooooo MUCH and ridiculously too over nothing.

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• Farmer 11 years ago

  Photosy, you misunderstand the problem. Ghana is spending alot more foreign currency than she is earning. The problem exploded starting from November 2012 when Ghana became the mid income country, as suddenly lots of donor re ...
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  Photosy, you misunderstand the problem. Ghana is spending alot more foreign currency than she is earning. The problem exploded starting from November 2012 when Ghana became the mid income country, as suddenly lots of donor remittances went missing. The governments traditional overspending in the election year did the rest.
  
  There is no quick fix, but in fact all government measures since then are going in the wrong direction. They are looking for quick money for themselves and have already destroyed all FDI confidence in the country. Ghanaian businessmen are actually desperate. Everybody goes to work to feed a president and his crew.
  
  This economy is on the way down, not even near a point of turn around.

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• Kwabena Andoh 11 years ago

  ADU: Selfish Man !
  Very selfish man, you are only arguing so that CAL bank can make more money and Ghanaians will become poorer. ADU SHAAAAAMME !

  ADU: Selfish Man !
  Very selfish man, you are only arguing so that CAL bank can make more money and Ghanaians will become poorer. ADU SHAAAAAMME !

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• Farmer 11 years ago

  As the Banks in Ghana are the only ones benefiting like crazy from the situation who can blame the man looking at his huge year-end bonus.
  Currently the banks are the major force speculating against the Cedi on a daily basis ...
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  As the Banks in Ghana are the only ones benefiting like crazy from the situation who can blame the man looking at his huge year-end bonus.
  Currently the banks are the major force speculating against the Cedi on a daily basis making huge profits. The BoG measures are not stopping that. A very simple measure could: BoG fixing a daily (slightly floaring) Forex rate for everyone including the banks. The feast would be over the next day. Most other recent measures could be lifted.
  
  Should the IMF come in later this year for a bail out, this will happen for sure.

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• mr amin 11 years ago

  BoG should be assisted to enforce the metures put in place. those who are crisizing are those benefiting fron cedi fall. i want to sound a warnig to ghanains tha if we joke with the cedi fall it will fall with us. the cedi fa ...
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  BoG should be assisted to enforce the metures put in place. those who are crisizing are those benefiting fron cedi fall. i want to sound a warnig to ghanains tha if we joke with the cedi fall it will fall with us. the cedi fall is coursed by govt. why charge or index import duties in dollers??? wont that highten demand for dollers? this made ghanians to save in dollers n other businesses copy from govt. fix import duties cedis permenently to save the cedi n save ghana. the economic forum is usless if solution is not found for the cedi fall.

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• Frank Adarkwah-Yiadom 11 years ago

  The measure seems appropriate but not sustainable and not good for the country. Yes BoG was aiming to reduce and limit the circulation of dollar in the country forgetting there should have been a measure to also reduced the d ...
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  The measure seems appropriate but not sustainable and not good for the country. Yes BoG was aiming to reduce and limit the circulation of dollar in the country forgetting there should have been a measure to also reduced the demand for the dollar. This therefore rather increase the demand of the dollar with less supply in the system hence more cedi will be used to chase the less dollar in the system.

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• FACT 11 years ago

  THE BANK OF GHANA SHOULD ADHERE TO ITS POLICY THAT THE CEDI IS THE ONLY LEGAL TENDER IN GHANA.THE CEDI IS NOT A MEANS OF EXCHANGE IN UNITED STATES WHY SHOULD WE MAKE THE DOLLAR THE MEANS OF EXCHANGE IN GHANA?
  
  PREVIOUS GOVE ...
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  THE BANK OF GHANA SHOULD ADHERE TO ITS POLICY THAT THE CEDI IS THE ONLY LEGAL TENDER IN GHANA.THE CEDI IS NOT A MEANS OF EXCHANGE IN UNITED STATES WHY SHOULD WE MAKE THE DOLLAR THE MEANS OF EXCHANGE IN GHANA?
  
  PREVIOUS GOVERNMENTS ALLOWED DOLLAR AS LEGAL TENDER IN GHANA AND THIS IS ONE OF THE REASONS FOR THE WEAKNESS OF THE CEDI.

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• Kwame (USA) 11 years ago

  Damn, it's so difficult to explain simple economics to people like u. No one is prohibiting the cedi from being legal tender. The issue is when u restrict free enterprise, u limit competition and create a disequilibrium is th ...
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  Damn, it's so difficult to explain simple economics to people like u. No one is prohibiting the cedi from being legal tender. The issue is when u restrict free enterprise, u limit competition and create a disequilibrium is the system. Now the forex operations have gone underground like prostitution, causing the exchange rate to hit GHS3 or more to S1. The net effect is galloping inflation at approx 15% and prices of goods and services escalated. So what good did BoG do? This is the issue

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• Kwame (USA) 11 years ago

  Rather enforce laws to deter all the corruption and seal all counter revenue generation operations.

  Rather enforce laws to deter all the corruption and seal all counter revenue generation operations.

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• G. K. Berko 11 years ago

  Even if we restrict the usage of foreign exchange to the lowest level possible and our Laws are not enforced as they ought to be, and our exports are next to nothing, the Cedi will continue to be vulnerable.
  
  The falling C ...
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  Even if we restrict the usage of foreign exchange to the lowest level possible and our Laws are not enforced as they ought to be, and our exports are next to nothing, the Cedi will continue to be vulnerable.
  
  The falling Cedi is like an endless devaluation in the absence of any rising exports to offset the higher cost of imports. So, as our imports are getting more and more expensive and we are not generating commensurate foreign exchange reserves to pay for them, we are forced to borrow more and more to even keep the basic level of consumer products available on the market. The more we borrow, the more we undermine our Economic health leading to the further downgrade of our Cedi and Economic rating.
  
  The only way out is to strictly enforce the Laws and encourage local production and entice more investment into the Private sector. And enforcing the Laws means hammering out corruption in all spheres of our Economy, even if it would send corrupt Ministers to jail and for confiscate assets to pay for our losses. The Courts and our Judiciary have all been part of the scam to pilfer our Treadury. It is time for all to be challenged to the hip.
  
  Long jail sentences are needed to complement assets confiscation in cases where massive theft could be proven in Court. This must be done even as we assist Entrepreneurs to gain footing and compete with foreign Businesses.
  
  We can uphold international subsidy regulations and still find ways to back our Businesses.
  
  Long Live Ghana!!!

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• WALI 11 years ago

  BOG MEASURES ARE COMPLETE FAILURE IT DID NOT STOP THE FALL OF THE CEDI NOR DID IT HELP THE ECONOMY IN ANY WAY IT ONLY HELP BANKS LIKE YOUR BANKS TO MAKE MORE MONEY ON THE BACK OF GHAN PEOPLE

  BOG MEASURES ARE COMPLETE FAILURE IT DID NOT STOP THE FALL OF THE CEDI NOR DID IT HELP THE ECONOMY IN ANY WAY IT ONLY HELP BANKS LIKE YOUR BANKS TO MAKE MORE MONEY ON THE BACK OF GHAN PEOPLE

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• Kweku Ananse 11 years ago

  Adu is talking nonsense...the cedi is not recognized or valued in capital markets....Ghana needs capital markets investments to develop just like any other developed and developing nation. The chase for those capital investme ...
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  Adu is talking nonsense...the cedi is not recognized or valued in capital markets....Ghana needs capital markets investments to develop just like any other developed and developing nation. The chase for those capital investment requires a countries economy to be strong and desirable, thus generating nice returns for the capital investment. At the moment.....we have issues there...how does that impact us? well, our countriy's credit does not reflect a stellar rating, this puts a strain on the desirability of the cedi (i.e. the currency people want to hold to spend and invest in side ghana). The result is that, on the capital market, yes, Ghana might find some investors, but, these investors want their return in value. The euro and dollar are safer bets.

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• Foresight 11 years ago

  We are losing sight of one thing. We have two windows, the interbank exchange rates and forex bureau rates. What the Bank of Ghana did was to control transactions in the Banks whilst leaving the Forex Bureaux to have a fiel ...
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  We are losing sight of one thing. We have two windows, the interbank exchange rates and forex bureau rates. What the Bank of Ghana did was to control transactions in the Banks whilst leaving the Forex Bureaux to have a field day. It won't work unless the two windows aev controlled. i do not believe in controls because ithey push businesses underground.

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• Poise 11 years ago

  As too known as he alwyas was, this "headmaster" with a big head. Empty adn shall analysis from one who is running a financial institution. That's what you get when nepotism puts mediocrity in charge.

  As too known as he alwyas was, this "headmaster" with a big head. Empty adn shall analysis from one who is running a financial institution. That's what you get when nepotism puts mediocrity in charge.

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• Poise 11 years ago

  As too known as he alwyas was, this "headmaster" with a big head. Empty and shallow analysis from one who is running a financial institution. That's what you get when nepotism puts mediocrity in charge.

  As too known as he alwyas was, this "headmaster" with a big head. Empty and shallow analysis from one who is running a financial institution. That's what you get when nepotism puts mediocrity in charge.

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• Danny, London 11 years ago

  This is the thought I expect our so called experts to spite out clearly to uncaring Ghanaians very loud.
  
  The Bank of Ghana and the Finance and Economic Ministry has completely failed the country for so many years. The ques ...
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  This is the thought I expect our so called experts to spite out clearly to uncaring Ghanaians very loud.
  
  The Bank of Ghana and the Finance and Economic Ministry has completely failed the country for so many years. The question is has Ghana not got a legal tender? Yes, it has which is the CEDI. Yet, these two institutions Executives due to their selfishness allow the Dollar, Sterling and the Euro to be used in Ghana. This as if they have no sound educational backgruound in their positions. The simple decision was should have the use these foreign currencies in Ghana.
  
  Where in these countries the UK, USA,and European cities will any citizen accept CEDI as exchange rate. No where. Both past and present Governors of Bank of Ghana has dearly cost the country. Dr Whampah does not look like someone who has sound judgement of what is happenning around him.
  
  So long uneducated Ghanaians clamour for these foreign currencies which are not LEGAL TENDER in Ghana, so long will the depreciation of the CEDI continue. At Last that decision to stop foolish businessmen and Ghanaians using these cuurencies has been stop, it will surely take a lot while to allow the CEDI to recover and that I even wonder when? The only alternative is to abegging for IMF loan.
  
  Oh what a country! Where leaders has no vision and appointed officials only think about themselves and not of the country Ghana.

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• ADANSIMAN 11 years ago

  THE ISSUE IS NOT ABOUT TRANSACTIONS BEING UNDERTAKEN IN THE CEDI..THE BANK OF GHANA SHIRKED ITS RESPONSIBILITY AND ALLOWED THE NONSENSE TO FLOURISH. EVEN WAAKYE WAS BEING QUOTED IN USD. THE ISSUE IS ABOUT FOREX AND FOREIGN AC ...
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  THE ISSUE IS NOT ABOUT TRANSACTIONS BEING UNDERTAKEN IN THE CEDI..THE BANK OF GHANA SHIRKED ITS RESPONSIBILITY AND ALLOWED THE NONSENSE TO FLOURISH. EVEN WAAKYE WAS BEING QUOTED IN USD. THE ISSUE IS ABOUT FOREX AND FOREIGN ACCOUNT RESTRICTIONS. I THINK FRANK ADU JUST FINISHED BELCHING FROM A HUGE DOSE OF BANKU AND TILAPIA FROM SENCHI RESORT BEFORE GIVING THE INCOHERENT ANSWER

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• useless man 11 years ago

  Look at this big head idiot. Whe you give loans at your bank, don't you peg them against the usd? Not only that their interest rate is over 100% at the end of the loan . Useless, greedy banker talking shit.

  Look at this big head idiot. Whe you give loans at your bank, don't you peg them against the usd? Not only that their interest rate is over 100% at the end of the loan . Useless, greedy banker talking shit.

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• op 11 years ago

  good

  good

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• Kofi K 11 years ago

  Mr. Adu tell Ghana customs that our currency is cedi, n BOG that our hard earned forex salary cannot be transferred to Ghana. As we are all opening accounts offshore we too shall send our children to school abroad.

  Mr. Adu tell Ghana customs that our currency is cedi, n BOG that our hard earned forex salary cannot be transferred to Ghana. As we are all opening accounts offshore we too shall send our children to school abroad.

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