Ghana Association of Bankers reviews banking guidelines

The Ghana Association of Bankers has given assurance to the public that appropriate measures would be taken to reduce the unintended consequences of the dollarisation of the economy.

A statement in Accra signed by Mr D.K. Mensah, Chief Executive Officer of the Association and copied to the Ghana News Agency, said the Association and its composite member-banks were currently reviewing the guidelines by the Bank of Ghana to determine the immediate impact as well as any unintended consequences to Banks and to the banking-public.

The statement said the Association had since May, 2012, maintained dialogue with the Bank of Ghana on identifying appropriate measures to correct and reverse the growing dollarisation of Ghana’s economy and the inherent danger it posed to the economy.

“We would also continue to receive feedback and clarification requests from the public and form the basis for further consultation and dialogue with the authorities in the coming days”, it said.

The Bank of Ghana on February 4 introduced additional guidelines to the banks and the general public aimed at decelerating the current rapid decline in the value of the cedi and also ensures continued exchange rate stability.

The statement therefore re-assured the general-public, especially holders of Foreign Exchange Accounts (FEA) and Foreign Currency Accounts (FCA) that balances held in these accounts remain available for all legitimate transactions abroad when backed with relevant documents as well as for foreign travel.