BoG accused of “fraudulently” warping forex rates

Read Article

Comments (38)

This article is closed for comments.

Read Comments Comments (38)

JD 11 years ago

Previous govt's did that and it did not work. The Central Bank of Nigeria did same and it did not work. If fact, the strategy cost the CBN dearly (in $$ terms) so the CBN got smart- They went for the market rate. BoG should l ...
read full comment

Previous govt's did that and it did not work. The Central Bank of Nigeria did same and it did not work. If fact, the strategy cost the CBN dearly (in $$ terms) so the CBN got smart- They went for the market rate. BoG should learn from the past.
Whatever 11 years ago

Commercial Bank quoted rates is a mark-up of what the Bank of Ghana sets as its rate and construed as the minimum rate. It includes profit margins and it's obtained from suppliers such as exporters, forex Bureau, black market ...
read full comment

Commercial Bank quoted rates is a mark-up of what the Bank of Ghana sets as its rate and construed as the minimum rate. It includes profit margins and it's obtained from suppliers such as exporters, forex Bureau, black market, overseas corrspondent banks whose selling rates are usually higher than Bank of Ghana rates
Kwasi Asante , Providence, R.I. 11 years ago

This practice by Bank of Ghana would cost businesses that do international business dearly. Because international exchange is calculated upon Bank of Ghana listed rate.
Money Gram exchange is 3 Cedi to $1.00 as of August 15 ...
read full comment

This practice by Bank of Ghana would cost businesses that do international business dearly. Because international exchange is calculated upon Bank of Ghana listed rate.
Money Gram exchange is 3 Cedi to $1.00 as of August 15th when Forex Bureau rate is almost $4.00.
Bank of Ghana is of no good practice.
Whatever 11 years ago

Bank of Ghana rates is the minimum rate any commercial Bank is suppose to use in pricing foreign currencies whether buying or selling. The commercial banks are buying low and selling high in order to make huge profit.

Asan ...
read full comment

Bank of Ghana rates is the minimum rate any commercial Bank is suppose to use in pricing foreign currencies whether buying or selling. The commercial banks are buying low and selling high in order to make huge profit.

Asante get yourself educated well on monetary and foreign exchange issues. Currencies sold by the forex bureau are retail rated and it include huge profit margins. Currencies sold by Bank of Ghana are bulk rated so its unit price will be lower than retail prices
Oheneba Brobbey, USA 11 years ago

Mr. whatever (please be bold and state your real name),your argument that "Bank of Ghana rates is the minimum rate any commercial Bank is suppose to use in pricing foreign currencies whether buying or selling" is a half-truth ...
read full comment

Mr. whatever (please be bold and state your real name),your argument that "Bank of Ghana rates is the minimum rate any commercial Bank is suppose to use in pricing foreign currencies whether buying or selling" is a half-truth embellished to throw dust into people's eyes. Please take politics out of a serious economic equation and get the facts right! Much as BOG sets those minimum rates, the interplay of market forces determines the going rate on daily basis. Besides, the basketful of prices that underpin the determination of inflationary rates, are based on real/current market-determined prices and NOT cooked figures churned out by BOG and Statistical Service. It is not the minimum rate set by BOG that is used to determine weekly/monthly/annual rates of inflation. The latter, like it or not, feeds indirectly into prevailing international currency rates.
Whatever 11 years ago

Ghana operates a partial floating exchange rate system which allow Bank of Ghana intervention. But the rates used are two in types. One is set by the Banks when they are dealing with their clients and the other is determined ...
read full comment

Ghana operates a partial floating exchange rate system which allow Bank of Ghana intervention. But the rates used are two in types. One is set by the Banks when they are dealing with their clients and the other is determined at the Bank of Ghana by the banks for CEPS and the Ghanaian Authorities. So there are always two types of rates being applied in the country. Forex market is just a conduit of participants, with the commercial banks being dominant in there that's why they are allowed to determine rates but the outcome of that exercise is directed by the Bank of Ghana who has the right to intervene in that process depending on the situation. BOG also supplies forex to the banks in bulk but the price it uses is through negotiation. The rates out of that negotiation always revolve around the second type of rate or lower than that. I never said rates set by BOG is used to determine inflation. I never said that.
Kofi 11 years ago

Wow, you are mixing determination of inflation rates with the forex rate computations. Some analysis.

Wow, you are mixing determination of inflation rates with the forex rate computations. Some analysis.
NDC ALWAYS COOKS FIGURES!!!! 11 years ago

THE PROPAGANDA INFESTED AND THIEVING NDC STARTED COOKING FIGURES FROM RAWLINGS AND KWAME PEPRAH ERA WHEN THEY ANNOYED THE WORLD BANK TO FINE GHANA 40 MILLION DOLLARS WHICH KUFOUR'S GOVT PAID AT A TIME THEY HAD MISMANAGED THE ...
read full comment

THE PROPAGANDA INFESTED AND THIEVING NDC STARTED COOKING FIGURES FROM RAWLINGS AND KWAME PEPRAH ERA WHEN THEY ANNOYED THE WORLD BANK TO FINE GHANA 40 MILLION DOLLARS WHICH KUFOUR'S GOVT PAID AT A TIME THEY HAD MISMANAGED THE ECONOMY AND QUALIFIED GHANA FOR HIPIC. JUST AS THEY HAVE PROPAGANDA(LYING) OFFICERS, SO THEY FALSIFY FIGURES. NDC IS NOT FOR THE BETTERMENT OF GHANAIANS BUT STEALING STATE FUNDS TO ENRICH THEMSELVES SO ANYTIME THEIR RULING ENDS STATE COFFERS ARE EMPTY. RAWLINGS MADE GHANA HIPIC AT THE END OF HIS THIEVING AND MURDEROUS DICTATORSHIP AND MAHAMA HAS EXCEEDED IM WITH HIS CREATE LOOT AND SHARE GOVT COMING TO AN END IN 2016. THE AK 47, AND LEBANESE BASTARD RAWLINGS NDC PARTY CAME TO DESTROY GHANA.
DAN 11 years ago

AND THEY PROFIT IDIOT..SO THAT MEANS THE RATE IS ABOUT 3.02-$1

AND THEY PROFIT IDIOT..SO THAT MEANS THE RATE IS ABOUT 3.02-$1
Gyeeda, Sada, Subah, Woyome 11 years ago

Anything coming out of NDC ministers are all lies. No one in NDC speaks the truth. No wonder they are lying about bank rates, inflation and the economic conditions in Ghana. Mahama is a thief. He came only to enrich himself a ...
read full comment

Anything coming out of NDC ministers are all lies. No one in NDC speaks the truth. No wonder they are lying about bank rates, inflation and the economic conditions in Ghana. Mahama is a thief. He came only to enrich himself and his family. I hear he wants to opt out of the flagbearership but the truth of the matter is, he cannot continue no more. The kitchen is too hot for him and he wants to get out of it. Whether he runs away or not he will be chased after wherever he goes so that he gives us back all our money he has stolen since his mission as vice and now president of Ghana.
Mahama is the corrupt one. Enough evidence to prove that. The STX Korea , the purchase of the Embraer jet planes from Brazil which had him subjected to criminal investigation by Prof Mills, the 7 tons of gold intercepted in Kuwait, the Azontaba guinea fowl project and the list go on. And above all, Mahama, being the the prime beneficially of the plot assassination of Prof Mills, makes the former the most dangerous leader, after Rawlings, to have ever ruled and badly manage our economy. Mahama is unprecedented stealer.

Akos 11 years ago

So it's true, instead of accepting their flaws & try to fix it, they rather want to make Ghanaians believe that all is well, when it's not

So it's true, instead of accepting their flaws & try to fix it, they rather want to make Ghanaians believe that all is well, when it's not
Anonymous Coward 11 years ago

You can't do propaganda with Ghana's economy. We are bloody suffering.

You can't do propaganda with Ghana's economy. We are bloody suffering.
WALID 11 years ago

THEY RIPPING OFF GHANA WITH THE HELPS OF GHANA BANKSRETS THE FRAUDSTERS AND WITH THE HELP OF MAHAMA AND THE NDC

THEY RIPPING OFF GHANA WITH THE HELPS OF GHANA BANKSRETS THE FRAUDSTERS AND WITH THE HELP OF MAHAMA AND THE NDC
Whatever 11 years ago

Inflation is the rate at which prices of commodities are rising in general. It doesn't mean every priced item on the market is rising. The watch word there is 'GENERAL'. What it means is that there are specific items on the m ...
read full comment

Inflation is the rate at which prices of commodities are rising in general. It doesn't mean every priced item on the market is rising. The watch word there is 'GENERAL'. What it means is that there are specific items on the market which either would fall or remain on unchanged even if prices in general are rising.

Dollar is commodity but if there is a lot in the market as insisted by the Bank of Ghana, its rates or prices will remain unchanged or could even fall. But a hike in the profit margin on it will push the rates quoted by the commercial Banks up. NPP go back to school.
Oheneba Brobbey, USA 11 years ago

Mr. Whatever, to state that "Dollar is commodity but if there is a lot in the market as insisted by the Bank of Ghana, its rates or prices will remain unchanged or could even fall" is very porous. It is not necessarily the qu ...
read full comment

Mr. Whatever, to state that "Dollar is commodity but if there is a lot in the market as insisted by the Bank of Ghana, its rates or prices will remain unchanged or could even fall" is very porous. It is not necessarily the quantity of dollars on the market but more importantly, it is rather the volume of demand for it that matters. The case in Ghana (even non-economists) is that BOG can't meet the demand for dollars and that is why forex and international currency rates keep rising on almost on daily basis. It was for the same reason that the Governor tried rather vainly and recklessly to restrain foreign currency demand a couple of months ago but had to backtrack almost immediately. The fact is that BOG can't control currency demand in a free market economy. It is an exercise in futility. The government must fix the broken economy and stop those porous arguments. Period!
Whatever 11 years ago

BOG runs lots of dollar denominated accounts for institutions like the world Bank, embassies belonging to foreign countries, Government, Central Banks of foreign countries, local commercial Banks, some selected high profile i ...
read full comment

BOG runs lots of dollar denominated accounts for institutions like the world Bank, embassies belonging to foreign countries, Government, Central Banks of foreign countries, local commercial Banks, some selected high profile individuals and other major multinational corporations. The account those currencies are kept in are called special accounts. What is happening is that BOG does not to overexpose itself to forex operations for long and risk the investment of its depositors. That is why most of its intervention are short-term result oriented and after that the situation returns to where it left of. But as for dollar currencies, BOG has plenty.
Nzema K 11 years ago

If BOG sells the Dollar to the commercial banks at 3.8, how much do you think the banks will sell it.

If BOG sells the Dollar to the commercial banks at 3.8, how much do you think the banks will sell it.
JD 11 years ago

The rate disparity is too wide to be credible.

The rate disparity is too wide to be credible.
ROY 11 years ago

WE ARE OPERATING FLOATING EXCHANGE RATE MEANING THE EXCHANGE RATE IS NOT FIXED AND THEREFORE, CAN CHANGE AT ANY TIME.

WE ARE OPERATING FLOATING EXCHANGE RATE MEANING THE EXCHANGE RATE IS NOT FIXED AND THEREFORE, CAN CHANGE AT ANY TIME.
Kwame VS Kofi 11 years ago

operated. The Exchange rate for the GHC is no longer in the hands of the Ghanaian economy. There`s nothing the BOG can do, unless print more Cedies, a.s.o.

operated. The Exchange rate for the GHC is no longer in the hands of the Ghanaian economy. There`s nothing the BOG can do, unless print more Cedies, a.s.o.

SARPONG 11 years ago

Printing more cedis will make the problem worse. One of the reasons the cedi has depreciated so much is the same solution you are suggesting. Government in order to meet workers demand due to the SSSS implementation printed m ...
read full comment

Printing more cedis will make the problem worse. One of the reasons the cedi has depreciated so much is the same solution you are suggesting. Government in order to meet workers demand due to the SSSS implementation printed more cedis and as the value of the cedi was depreciating, people started buying foreign currencies to maintain the value of their money and that is what we call market forces.

The demand for foreign currencies went up whilst the supply of foreign currencies remained the same or declined because government of Ghana don't have enough foreign currencies to meet the demand for them so price for foreign currencies went up.
SARPONG 11 years ago

You dumb illiterate, do you think the commercial banks get their foreign currencies only from the Bank of Ghana? These Banks hold internal foreign currency accounts for their customers living abroad or doingbusiness abroad a ...
read full comment

You dumb illiterate, do you think the commercial banks get their foreign currencies only from the Bank of Ghana? These Banks hold internal foreign currency accounts for their customers living abroad or doingbusiness abroad and also have foreign investments that brings inforeign currencies.

BoG don't have dollars to sell to these Banks and that is why the BoG rates and the commercial bank rates are vastly different. How does the BoG influence the exchange rates? Not by price controls but through the market forces of supply and demand. At the moment demand outstrips supply of foreign currencies and that is why the rate of exchange between the cedi and the dollar and other foreign currencies are high.

If Bank of Ghana can pump in more foreign currencies into the system through the commercial Banks, the depreciation of the cedi will stop but government don't have foreign currencies to stem the tide.
Obournana 11 years ago

Another useless NPP MP of the century. Because any foolthat stand on the ticket of NPP in Obuasi will win, Kwarteng the fool was picked and in parliament to just hop from radio station to radio station making empty noise. Wha ...
read full comment

Another useless NPP MP of the century. Because any foolthat stand on the ticket of NPP in Obuasi will win, Kwarteng the fool was picked and in parliament to just hop from radio station to radio station making empty noise. What innovation has he brought to Obuasi? Obuasi is collapsing and all he knows is noise-making. Kwaku, we need solution to Obuasi's problems not things you have no knowledge. A disappointing MP.
Botha 11 years ago

Idiot, what did you say to refute what he said? Nothing. Collapsing Obuasi is better than your your better Ho or Keta.

Idiot, what did you say to refute what he said? Nothing. Collapsing Obuasi is better than your your better Ho or Keta.
GHANA MMA 11 years ago

GB£1=6.25
US$1=4.00

THESE WERE THE BUYING RATES AS AT 21 AUGUST 2014 ON MY VISIT TO GHANA LAST WEEK FROM 19-23 AUGUST 2014.

THIS USELESS BOG GOVERNOR IS JUST BEING ECONOMICAL WITH THE TRUTH HE IS VERY MUCH AWARE OF.
...
read full comment

GB£1=6.25
US$1=4.00

THESE WERE THE BUYING RATES AS AT 21 AUGUST 2014 ON MY VISIT TO GHANA LAST WEEK FROM 19-23 AUGUST 2014.

THIS USELESS BOG GOVERNOR IS JUST BEING ECONOMICAL WITH THE TRUTH HE IS VERY MUCH AWARE OF.

GHANA'S CEPS AND GRA HOME DELIVERY VALUES OF IMPORT DUTIES ARE LEVIED IN EURO, BRITISH POUND STERLING, THE US DOLLAR AND OTHER CONVERTIBLE CURRENCIES BEFORE IMPORTERS ARE CHARGED THE CEDI EQUIVALENTS, AMONGST MANY OTHER FRAUDULENTLY WICKED TAXES ADDED ON.

THIS IS THE MAIN CAUSE OF INFLATION AND EXCHANGE RATES VOLATILITY IN GHANA, AN IMPORT DEPENDENT NATION.

YET THEY EXPECT PRICE LEVELS TO GO DOWN IN GHANA TO REDUCE INFLATION?

NO! THAT WILL NEVER HAPPEN AS LONG AS GHANA CUSTOMS CONTINUE TO IMPOSE SUCH WICKED COUNTERPRODUCTIVE IMPORT LEVIES.
NTIKUMA ANANSE 11 years ago

THE NDC DID THE SAME UNDER RAWLINGS AND THE WORLD BANK MADE GHANA PAY A PENALTY OF US$30 MILLION. THEY NDC DOES NOT LEARN. TO THEM LIFE IS ABOUT LYING, STEALING AND DECEIPT OF EVERYONE, INCLUDING THE WORLD BANK, PARLIAMENT ET ...
read full comment

THE NDC DID THE SAME UNDER RAWLINGS AND THE WORLD BANK MADE GHANA PAY A PENALTY OF US$30 MILLION. THEY NDC DOES NOT LEARN. TO THEM LIFE IS ABOUT LYING, STEALING AND DECEIPT OF EVERYONE, INCLUDING THE WORLD BANK, PARLIAMENT ETC.
Nii Akwei 11 years ago

This is the rate I buy at the Forex Bureau. GHC3.6 : $1USD. BOG has set it at GHC3.03 to the $dollar, but individual banks want to make a profit so that have pegged it to the Forex Bureau rates.

This is the rate I buy at the Forex Bureau. GHC3.6 : $1USD. BOG has set it at GHC3.03 to the $dollar, but individual banks want to make a profit so that have pegged it to the Forex Bureau rates.
BRO DAN TRC 11 years ago

BLESSED PEOPLE OF AFRICA, REPUTABLE PEOPLE OF THE NATIONS OF THE THE WORLD, INNOCENT PEOPLE OF GHANA; -THE 'TEARS' OF -MAN- FROM THE BLACK STARS CAMP AT THE GLORIOUS GATHERING, AND THE -'NOW TEARS'- OF -MAN- IN GHANA OPENLY B ...
read full comment

BLESSED PEOPLE OF AFRICA, REPUTABLE PEOPLE OF THE NATIONS OF THE THE WORLD, INNOCENT PEOPLE OF GHANA; -THE 'TEARS' OF -MAN- FROM THE BLACK STARS CAMP AT THE GLORIOUS GATHERING, AND THE -'NOW TEARS'- OF -MAN- IN GHANA OPENLY BEFORE THE NATIONS IS A CLEAR EVIDENCE AND VINDICATION OF THE -LAMENTATION- OF THE INNOCENT PEOPLE OF GHANA, MY LAMENTATION AND MY "BOOM!". LAUGH. BUT PULSE. A TIME TO "THINK" FOR BLESSS PEOPLE OF GHANA, WE KNOW; YEA, WE ARE NOT IGNORANT THAT, WE CAN -NEVER- TAKE 'TEARS' FOR SOLUTION,GOING FORWARD. WHAT IS NEEDED IS -TOTAL ACCOUNTABILITY,OVERHAUL, AND HOUSE CLEANING EVEN AS THE INNOCENT PEOPLE OF GHANA CONTINUE TO TAKE THEIR RESPONSIBILITY TOWARDS THEIR NATION. PULSE. A TIME TO THINK. FOR THE WAY FORWARD IS NOTHING SHORT OF -TRUTH- AND TOTAL ACCOUNTABILITY, EVEN AS IT IS REVEALED CONCERNING "SUCH A TIME AS THIS" TO "MAN" UPON THE EARTH THAT -"OCCUPY TILL I COME" AS WE -TARRY- FOR "THE PROMISE". SELAH. "IT IS FINISHED" THEREFORE; -"OCCUPY TILL I COME". SELAH.
TOGETHER WE CAN! WITH GOD WE CAN! GOD BLESS AFRICA, YOUR NATION AND THE DIGNIFIED PEOPLE. AND GOD BLESS OUR HOMELAND GHANA.
NOTE
MUCH THANKS TO -GHANAWEB- FOR THE SPACE. AND "- AB ZION RADIO- FOR THE LORD'S SONS. POSTING HAS NOTHING TO DO WITH THE ARTICLE.
Bernard 11 years ago

I don't agree with Dr. Bawumia's characterization of the inflation data. Economists generally agree that inflationary shocks manifest in actual inflation with a time lag. For instance, studies for the U.S show that shocks tak ...
read full comment

I don't agree with Dr. Bawumia's characterization of the inflation data. Economists generally agree that inflationary shocks manifest in actual inflation with a time lag. For instance, studies for the U.S show that shocks take anywhere from six months to 18 months to reflect in inflation and output. Given the fact that 2012 was an election year and the over expenditure that typically characterize Ghana's elections, I am not surprised that actual 2013 inflation rate exceeded the rate of inflation in 2014 despite the free fall of the cedi in 2014. Besides, the free fall of the cedi is also subject to time lags. In addition, estimate suggest that the degree of pass-through of exchange rate fluctuations into import prices and therefore local prices is is neither automatic nor complete. Thus, it may take a while for depreciation to show up in CPI inflation.
Hard Listeners 11 years ago

NDC commentators continue to be in self denial but like Papa J you would all wake up to face the reality very sooner than you think.

NDC commentators continue to be in self denial but like Papa J you would all wake up to face the reality very sooner than you think.

ROLL 11 years ago

But this is no news because under the NDC gov't it is to be expected. Indeed, Ghana was fined by the IMF under the Rawlings gov't for cooking up the figures and this is a documented fact. The issues are the NDC gov't have nev ...
read full comment

But this is no news because under the NDC gov't it is to be expected. Indeed, Ghana was fined by the IMF under the Rawlings gov't for cooking up the figures and this is a documented fact. The issues are the NDC gov't have never had the competence to address the economy and by extension the growth and development of the nation and coupled with the corruption and looting, the present state of the country speaks for itself.
Mallam Tula-2 11 years ago

MASSA: THE EXCHANGE RATE CONTROLLED BY THE BOG IN GHANA IS A COMPLETE FARCE ;IT IS A PLOY BY THE OFFICIALS OF THE BOG TO SQUEEEZE THE DIFFERENCE AND STEAL FRON GHANAIANS ; WHAT THEY DO NOT TELL GHANAIANS IS THAT THE CEDI AS A ...
read full comment

MASSA: THE EXCHANGE RATE CONTROLLED BY THE BOG IN GHANA IS A COMPLETE FARCE ;IT IS A PLOY BY THE OFFICIALS OF THE BOG TO SQUEEEZE THE DIFFERENCE AND STEAL FRON GHANAIANS ; WHAT THEY DO NOT TELL GHANAIANS IS THAT THE CEDI AS A CURRENCY HAVE BEEN KICKED OUT OF FINANCIAL TIMES PUBLICATION WHICH MEANS THE VALUE OF THE CURRENCY IS NO MORE CREDIBLE; THE THE VALUE OF THE cedi is in the "Gutter" ; AND ALL THAT THIS VAMPAH IS TELLING GHANA MAN IS LIES AND MISINFORMATION.
Gyeeda, Sada, Subah, Woyome 11 years ago

Anything coming out of NDC ministers are all lies. No one in NDC speaks the truth. No wonder they are lying about bank rates, inflation and the economic conditions in Ghana. Mahama is a thief. He came only to enrich himself ...
read full comment

Anything coming out of NDC ministers are all lies. No one in NDC speaks the truth. No wonder they are lying about bank rates, inflation and the economic conditions in Ghana. Mahama is a thief. He came only to enrich himself and his family. I hear he wants to opt out of the flagbearership but the truth of the matter is, he cannot continue no more. The kitchen is too hot for him and he wants to get out of it. Whether he runs away or not he will be chased after wherever he goes so that he gives us back all our money he has stolen since his mission as vice and now president of Ghana.
Mahama is the corrupt one. Enough evidence to prove that. The STX Korea , the purchase of the Embraer jet planes from Brazil which had him subjected to criminal investigation by Prof Mills, the 7 tons of gold intercepted in Kuwait, the Azontaba guinea fowl project and the list go on. And above all, Mahama, being the the prime beneficially of the plot assassination of Prof Mills, makes the former the most dangerous leader, after Rawlings, to have ever ruled and badly manage our economy. Mahama is unprecedented stealer.
Kwame VS Kofi 11 years ago

If you need money, just print some, like Mr. Mugabe. Don`t mind the people...by the way, ....I like your shirt Mr. President!

If you need money, just print some, like Mr. Mugabe. Don`t mind the people...by the way, ....I like your shirt Mr. President!
DAN 11 years ago

wESTERN UNION WAS PAYING 1 DOLLAR TO 3.02 CEDI LAST NIGHT AND REMEMBER THEY PROFIT FROM RATE..SO THEY GIVING YOU 3.03 WHILE THEY MAKE 4 CEDI

wESTERN UNION WAS PAYING 1 DOLLAR TO 3.02 CEDI LAST NIGHT AND REMEMBER THEY PROFIT FROM RATE..SO THEY GIVING YOU 3.03 WHILE THEY MAKE 4 CEDI
GHANA MMA 11 years ago

WAMPAH HAS LOST TOUCH WITH THE MAIN CAUSE OF THE CEDI DEPRECIATION.

THE MAIN REASON IS MOST CONSUMABLES IN GHANA ARE IMPORTED, FOR WHICH GHANA CUSTOMS CHARGE IMPORTERS IN CEDI CALCULATED ON HOME DELIVERY VALUES CHARGED IN ...
read full comment

WAMPAH HAS LOST TOUCH WITH THE MAIN CAUSE OF THE CEDI DEPRECIATION.

THE MAIN REASON IS MOST CONSUMABLES IN GHANA ARE IMPORTED, FOR WHICH GHANA CUSTOMS CHARGE IMPORTERS IN CEDI CALCULATED ON HOME DELIVERY VALUES CHARGED IN $, €, £ STERLING AND OTHER CONVERTIBLE CURRENCIES.

GHANA CUSTOMS THEN ADD-ON A PLETHORA OF OTHER FRAUDULENT CHARGES TO INCREASE THE IMPORT DUTY LEVIED.

THIS FRAUDULENT PRACTICE BY CEPS / CUSTOMS DOES NOTHING TO EITHER INCREASE GOVT REVENUES, STABILIZE GHANA'S CEDI AGAINST THE US DOLLAR OR KEEP INFLATION IN CHECK.

THE PRACTICE RATHER KEEPS ON REDUCING DEMAND FOR THE GHANA CEDI AND CAUSING INFLATION.

VERY SOON, IT DEFEAT THE OBJECTIVE OF REDENOMINATING THE CEDI. GHANAIANS WILL SOON NEED TO CARRY A WHEELBARROW FULL OF GHANA CEDIS TO BUY A TUBER OF YAM.

THIS I
JFK Afonu 11 years ago

Is Dr Bawumia telling us that when he was deputy governor, they used to play with figures and deceive us? A deviation of 0.50 pesewas is not significant to merit criticism.

Is Dr Bawumia telling us that when he was deputy governor, they used to play with figures and deceive us? A deviation of 0.50 pesewas is not significant to merit criticism.
KOO 11 years ago

The BOG boss thinks by quoting a low exchange figure against the Dollar the problem will go away.Everybody know that there is no where that 3.03Cedis could be exchanged for a Dollar but they keep coming up with these figures ...
read full comment

The BOG boss thinks by quoting a low exchange figure against the Dollar the problem will go away.Everybody know that there is no where that 3.03Cedis could be exchanged for a Dollar but they keep coming up with these figures and quite sad indeed some people still believe it.We have been taken for a ride on many occasions.All figures churned out be this Mahama administration have some question marks.For example, who can tell Ghanaians the true figure of the population?.No one knows.There was a provisional figure but the final one may never come because of the shoddy nature of the work.Their economic figures seem so encouraging yet it is not reflecting on anyone or anything.Are they not cooked up?. To sum it all up this government keep feeding Ghanaians with wrong information and it is time Ghanaians stand up and confront it with its propaganda.

38 Comments

Welcome,

SIGN IN

Welcome,

RESET PASSWORD

Hello,

Terms and conditions

REGISTER

BoG accused of “fraudulently” warping forex rates

Read Comments .st0{display:none;fill:#14BDD3;} .st1{display:none;} .st2{display:inline;fill:#FC0F0F;} .st3{display:inline;fill:#FFFFFF;} .st4{display:inline;fill:none;stroke:#000000;stroke-width:6;stroke-miterlimit:10;} Comments (38)

Read Comments Comments (38)