Bank of Ghana introduces additional measures

Read Article

Comments (29)

This article is closed for comments.

Read Comments Comments (29)

w3 11 years ago

Beating about the bush measures

Beating about the bush measures
Abrantie - In Da House 11 years ago

You foolish educated illitrates have no brain in your heads, so all you do is to insult the gov't and her measures. Have you got a better measure to what is being odered here? Have you gone to the so called developed countire ...
read full comment

You foolish educated illitrates have no brain in your heads, so all you do is to insult the gov't and her measures. Have you got a better measure to what is being odered here? Have you gone to the so called developed countires you want to follow and see whether they don't have the same measures beig issues here? You fools think everything is dictatorship, if so, then western world is the worst dictotor you will ever findon our mother earth. Stop politicising everything and use your God given head for a moment. GH is bigger than any political party here so spare us this nonsense and let's all find a common solution to this problem. In my view, the measures issued so far is in the right direction cuz, it the same here in Germany. You can't just stand up ad go make transactions over 10 000€. Why should a small country like GH allow this then? Tell us why they are beating about the bush and what you think is better fool, or just shut your stinky mouth!!
D.K. Osei 11 years ago

You can say what you like but I think the government is doing the right thing by adopting these measures to arrest the situation.

After they held the country to ransom with their frivolous SC case and stalling the economy ...
read full comment

You can say what you like but I think the government is doing the right thing by adopting these measures to arrest the situation.

After they held the country to ransom with their frivolous SC case and stalling the economy for 8 good months,
they have resorted to buying and hoarding the dollar in order to destroy the economy. These people are so wicked that they will do anything in order to come to power. They don't care the hardship they are putting their fellow Ghanaians through. After creating the hardship, they turn round and blame the government.
GHFUO, be serious & change ur MENtali 11 years ago

HOW DO YOU MAKE GH MORE ECONOMICALLY COMPETITIVE, U ASK?
A/upgrade and improve infrastructure: road systems,airports, ports, the entire infrastructure, and IT infrastructure IN GH IS LAGGING. IMAGINE THE JOBS THIS WILL CREAT ...
read full comment

HOW DO YOU MAKE GH MORE ECONOMICALLY COMPETITIVE, U ASK?
A/upgrade and improve infrastructure: road systems,airports, ports, the entire infrastructure, and IT infrastructure IN GH IS LAGGING. IMAGINE THE JOBS THIS WILL CREATE FOR ALL THESE YOUTHS?
B/R&D:research and development being carried out within GH. GOVT MUST PROVIDE R&D tax credit for all companies who OPERATE/HVE operations within GH.
C/CORPORATE TAX BREAKS TO MULTINATIONALS WHO WISH TO USE GH AS THEIR HEADQUARTERS TO DO BUSINESS. THIS WILL HELP GH REMAIN globally engaged through trade and investment ACTIVIITES.
D/OFFER MORE CASH SAVINGS INCENTIVES FOR THE PPL OF GH THRU THE BANKS, MEDIA. DO THIS THRU FINANCIAL LITERACY CAMPAIGNS, CASH SAVINGS STRATEGIES WITH INTEREST E.G TFSA, RRSP, MUTUAL FUNDS, GIC'S, STOCKS/GSX ETC
E/FACTORIES: TURN MORE RAW MATERIALS TO FINISHED GOODS FOR EXPORT. IMPORT LESS.
IF GH WANTS TO RESOLVE ITS BUDGET DEFICIT, CHANGE THE MACROECONOMIC VARIABLES OF CONSUMPTION AND SAVINGS.
STRENGHTEN COMMERCE FACTORS SURROUNDING THE ECONOMY SO THAT THEY INDIRECTLY AFFECT THE POSITIVE STRENGTH OF THE CEDI. RATHER THAN TAKING SPECIFIC CEDI REVAMP MEASURES
F/I THINK ITS TIME THE BOG AND THE MIN OF FINACE MADE THIS ILLEGAL. IF YOU ACEPT FOREIGN CURRENCY AS LEGAL TENDER IN EXCHANGE FOR GOODS OR SERVICES IN GH. YOU THE ACCEPTEE MUST BE ARRESTED AND MUST SPEND AT LEAST 3MTHS IN JAIL,PLUS A FINE OF TRIPLE THE AMOUNT OF FOREIGN EXCHANGE YOU ACCEPTED.
THIS ALONE WILL CAUSE BUSINESSES LIKE HOTELS ETC FROM ACCEPTING OR PRICING IN DOLLARS OR ANY NO GH CURRENCY. THIS INCLUDES CHURCES TOO...LOL
w3 11 years ago

Waste opportunities

Waste opportunities
Jojo 11 years ago

Is Ghana now turning into a Police state,even the old socialist countries have stopped all this control nonsense and rely on the markets to determine value of their currency.

Is Ghana now turning into a Police state,even the old socialist countries have stopped all this control nonsense and rely on the markets to determine value of their currency.
Kofi 11 years ago

This measures are very shallow.
1. So if a business man needs foreign currency to import goods how will he get it from?
2.How is bank of ghana going to control the black market at Alabar in Kumasi and airport area in Accr ...
read full comment

This measures are very shallow.
1. So if a business man needs foreign currency to import goods how will he get it from?
2.How is bank of ghana going to control the black market at Alabar in Kumasi and airport area in Accra?

3. Is foreign exchange available for my father to pay my fees in the UK?

4. Are the banks not going to sell this foreign currencies at the black market? It has happened before master

5. Is the BoG going to restrict Ghanaians from abroad the amount of money they can bring to Ghana? Remember the foreign remittances contribution to the nation and if is restricted do you think they will be fool enough to bring it to Ghana for investment?

The whole issue is that Mahama administration has let ghanaians down and had mess up but it is too late now. Any of these measures should have taken place long time ago but now if it backfires, I tell you the whole economy will be on its kneels.

What the governor should do is to take his time and use these tools gradually instead of all these measures at a go. At the moment speculative moves have started and people have started to panic. Example it could use only a measure that all hotels etc should not quote their prices in dollars or pounds and make sure they comply and arrest and prosecute those who fail to comply. But what BoG is doing now I think they will fail for they can apply all these measures at a go. Is like someone with hypertension and straight away you give all the medication at a go. Either the patient will collapse or something serious will happen to him/her. Rather the medication is giving on gradual process. I am not charging the useless governor for anything for this advise.
Kanawu 11 years ago

There many illiterates like you who does not know what is going on in the world. Even in the UK, you can't buy more than 1000 or 200 euro from any exchange bureau.These are measures adopted in the developed world already you ...
read full comment

There many illiterates like you who does not know what is going on in the world. Even in the UK, you can't buy more than 1000 or 200 euro from any exchange bureau.These are measures adopted in the developed world already you illiterate man.
DER-GBAALE 11 years ago

What are you writing about? Even your big "Englishes" gives you away as an ignoramus. What do you mean by "Even in the UK, you can't buy more than 1000 or 200 euro from any exchange bureau.." What kind of argument is that? Pl ...
read full comment

What are you writing about? Even your big "Englishes" gives you away as an ignoramus. What do you mean by "Even in the UK, you can't buy more than 1000 or 200 euro from any exchange bureau.." What kind of argument is that? Please listen to sensible and knowledgeable people.
Ilunga 11 years ago

All transactions above $10,000 should go through BOG Scrutiny prior to approval. Simple, bureaucratic but some leeway to consider

All transactions above $10,000 should go through BOG Scrutiny prior to approval. Simple, bureaucratic but some leeway to consider

dan 11 years ago

why should we trust BOG or anyone in govrenment ? they should mind their own busniss and let us do our busniss
in peace less intervantion by bog or mahama ndc fools is more healty for busniss to be done we dont need the gov ...
read full comment

why should we trust BOG or anyone in govrenment ? they should mind their own busniss and let us do our busniss
in peace less intervantion by bog or mahama ndc fools is more healty for busniss to be done we dont need the govrenment controlling us or our money
if you let them do that next they will come for our wifes ,our lands ,our homes and everything our fathers work for nonsense
GOVRENMENT STAY AWAY FROM OUR BUSNISS
LIKE RONALD REGAN US LEADER ONCE SAID LESS GOVRENMENT IN OUR BUSNISS AND OUR LIFE IS BETTER
dan 11 years ago

BANK OF GHANA ASSULT ON GHANA BUSNISS
AND GHANA PEOPLE IS A SHAMFULL CRIME
BANK OF GHANA RATHER NEED TO ADUIT AND INVESTIGATE ALL GHANA BANKS THAT RIPP OFF THE PEOPLE WITH HOME LOANS AND STEALING MONEY FROM GHANA FALKS AND ...
read full comment

BANK OF GHANA ASSULT ON GHANA BUSNISS
AND GHANA PEOPLE IS A SHAMFULL CRIME
BANK OF GHANA RATHER NEED TO ADUIT AND INVESTIGATE ALL GHANA BANKS THAT RIPP OFF THE PEOPLE WITH HOME LOANS AND STEALING MONEY FROM GHANA FALKS AND THEY NEED TO STOP ASSULTING GHANA BUSNISS
BAAKO 11 years ago

useless empty headed people, why couldn't the BOG foreseen this problem, and then find solution to it before it happens. you waited until things go wrong. bloody idiot people. the head of the BOG must be sacked for non perfo ...
read full comment

useless empty headed people, why couldn't the BOG foreseen this problem, and then find solution to it before it happens. you waited until things go wrong. bloody idiot people. the head of the BOG must be sacked for non performance.
Isaac Kusi, Bronx, NY. 11 years ago

I am reading these comments and it seems guys are doing business the old fashioned way. These measures are the right thing to do. In the USA if you want to buy something from say China and it's more than $10,000, you issue le ...
read full comment

I am reading these comments and it seems guys are doing business the old fashioned way. These measures are the right thing to do. In the USA if you want to buy something from say China and it's more than $10,000, you issue letters of credit to cover the transaction, you can use Western Union to pay for others that are less than $10,000. If you carry more than $10,000 on you, you will be arrested. Its as simple as that. If any businessman is doing business in Ghana and the transaction is more than $10,000, he should establish Letters of Credit with the bank to do that transaction.
Solomon 11 years ago

Ahaa! but then they will have to pay tax - which we all know they are evading - well done Mahama

Ahaa! but then they will have to pay tax - which we all know they are evading - well done Mahama
yaw 11 years ago

BOG pls don't just kill the dollar . pls introduce additional measures on the shoot to kill, to reduce armed robbery cases. cases. Plsssss,
bad target

BOG pls don't just kill the dollar . pls introduce additional measures on the shoot to kill, to reduce armed robbery cases. cases. Plsssss,
bad target
Joe Turkey 11 years ago

I have my hard-earned dollars, I am not going to go through the stupid laws of identifying myself to buy cedis. I don't want any Ghanaian to have a copy or records of my foreign identification. By the way, who needs the dolla ...
read full comment

I have my hard-earned dollars, I am not going to go through the stupid laws of identifying myself to buy cedis. I don't want any Ghanaian to have a copy or records of my foreign identification. By the way, who needs the dollars, Ghana or me?
dan 11 years ago

the cd value gos down by the day that mean our hard earm money cant buy shit anymore or buys less so why can i invest in stable currency like the dollar why bank of ghana ?what is
all your nonsense

the cd value gos down by the day that mean our hard earm money cant buy shit anymore or buys less so why can i invest in stable currency like the dollar why bank of ghana ?what is
all your nonsense
KANAWU 11 years ago

MEANING: WE AS A NATION SHOULD TRY TO MANUFACTURE SOME BASIC THING LIKE TOOTHPIC, GREETING CARDS, BICYCLE IF NOT A CAR ETC. WE NEED TO BUILD INDUSTRIES. MAHAMA, I KNOW YOU DAD WORKED UNDER NKRUMAH. THINK LIKE KWAME NKRUMAH. W ...
read full comment

MEANING: WE AS A NATION SHOULD TRY TO MANUFACTURE SOME BASIC THING LIKE TOOTHPIC, GREETING CARDS, BICYCLE IF NOT A CAR ETC. WE NEED TO BUILD INDUSTRIES. MAHAMA, I KNOW YOU DAD WORKED UNDER NKRUMAH. THINK LIKE KWAME NKRUMAH. WE DID NOT HAVE EDUCATED CITIZENS LIKE TODAY. TAKE BOLD STEPS AND SHOW YOUR PATRIOTISM. DO NOT PUNISH YOUR OPPONENTS, OOPS, NKRUMAH DID THAT TO JB.
EBBY 11 years ago

Are we talked about my own hard earned money here or some money provided by the government? The first rule in national economics is that: MONEY/CAPITAL FLOWS FROM AREA OF HIGH RESISTANCE TO AREA OF LEAST RESISTANCE. This is ...
read full comment

Are we talked about my own hard earned money here or some money provided by the government? The first rule in national economics is that: MONEY/CAPITAL FLOWS FROM AREA OF HIGH RESISTANCE TO AREA OF LEAST RESISTANCE. This is the beginning of the end of Ghana's economy as we know it. Folks, brace yourselves for the inevitable. "Cry my beloved country". My heart is really aching for my people

Obrefo 11 years ago

They're desperate and panicky. They have no clue how to solve the cedi free fall problem. The $20 million injection into the economy is a joke.

Military regimes were even more prudent in their fiscal policies than these ...
read full comment

They're desperate and panicky. They have no clue how to solve the cedi free fall problem. The $20 million injection into the economy is a joke.

Military regimes were even more prudent in their fiscal policies than these incompetent corrupt criminal idiots are doing. Is not the same idiot incompetent so called wampah who approved the criminal corrupt financial "rape" of Ghana regarding the Merchant/Fortiz stinky rotten deal. I don't trust this armed robber parading as the governor of BOG, not a second because he's a criminal.

These desperate measures would not stop the free fall of the cedi. The only winner at the end is Alhaji Gariba at the corner dealing in black market and armed robbers. Who in his/her right mind would deposit his/her dollars and get cedis back at a lower rate? TWEEEEEEAAAAAAAAAAA.
Kofi 11 years ago

Okay, I need $20,000 to buy. I give cedis to some people to buy dollars for me. Ghanaians don't even have any proper means of identification. How is anyone going to know who got the dollars? Jokers! By the way, I'm not sendin ...
read full comment

Okay, I need $20,000 to buy. I give cedis to some people to buy dollars for me. Ghanaians don't even have any proper means of identification. How is anyone going to know who got the dollars? Jokers! By the way, I'm not sending any money into my dollar accounts in Ghana again. I will just Bank of America keep it.
Solomon 11 years ago

If what you are doing is honest and tax abiding then you would not cry. There are honest and straight means to move money for business around the world.

If what you are doing is honest and tax abiding then you would not cry. There are honest and straight means to move money for business around the world.
Solomon 11 years ago

The use of the word 'means' in this context means 'ways' in English - in case you didn't know

The use of the word 'means' in this context means 'ways' in English - in case you didn't know
ASIEDU NKETIA 11 years ago

When they were sharing laptop and cars they never thought it willaffect the cedi. Now the innocent forex bureau will have to pay the price for their stupidity and selfishness

When they were sharing laptop and cars they never thought it willaffect the cedi. Now the innocent forex bureau will have to pay the price for their stupidity and selfishness
Yendi boy 11 years ago

Good measure to start with. Accountability

Good measure to start with. Accountability
Osei Kofi 11 years ago

Free laptops, free cars for the unscrupulous kings, free sugar and rice, free bentoa and on and on. What did you expect; African leaders only care about winning elections without having a clue how to govern. They will do any ...
read full comment

Free laptops, free cars for the unscrupulous kings, free sugar and rice, free bentoa and on and on. What did you expect; African leaders only care about winning elections without having a clue how to govern. They will do any unconscionable thing for elections and the foolish citizens will just follow and vote blindly. When you borrow a whooping sum of money just to win elections, that is exactly the result. The illiteracy level in Ghana is way to high not excluding our so called graduates and that is one of biggest problems.
prof 11 years ago

THIS IS STUPID fuck u and your criminal mahama

THIS IS STUPID fuck u and your criminal mahama
Just being curious!! 11 years ago

GHANA'S ECONOMY IS COMPLETELY OUT OF CONTROL, WITH EVERYBODY DOING HIS OR HER OWN THING(S).

PRESIDENT JOHN DRAMANI MAHAMA IS SIMPLY USELESS.

MAHAMA CANNOT CONTROL ANYTHING OR ANYBODY IN CORPORATE GHANA, EVEN INCLUDING ...
read full comment

GHANA'S ECONOMY IS COMPLETELY OUT OF CONTROL, WITH EVERYBODY DOING HIS OR HER OWN THING(S).

PRESIDENT JOHN DRAMANI MAHAMA IS SIMPLY USELESS.

MAHAMA CANNOT CONTROL ANYTHING OR ANYBODY IN CORPORATE GHANA, EVEN INCLUDING HIS FAMILY MEMBERS, BECAUSE HE KNOWS HIS CORRUPT LAZY VISIONLESS WAYS.

YESTERDAY IT WAS THE UNIVERSITY OF GHANA AUTHORITIES INTRODUCING TOLL CHARGES FOR USE OF THE UNIVERSITY ROADS.

ANOTHER TIME, IT IS ECG INCREASING ELECTRICITY TARIFFS.

ANOTHER TIME, IT IS WATER COMPANY INTRODUCING WATER METERS AND INCREASING WATER CONSUMPTION TARIFFS.

ANOTHER TIME, IT IS PETROLEUM COMPANIES INCREASING FUEL RETAIL PRICES.

ANOTHER TIME, IT IS MAHAMA REPRODUCING LIKE A PIG, AND GETTING THE GHANAIAN TAX PAYER TO TAKE CARE OF HIS MANY CHILDREN, WOMEN CONCUBINES AND THE ENTIRE FAMILY MEMBERS.

I BET ALL OF THEM TRAVEL ON GHANA'S DIPLOMATIC PASSPORTS.

ANOTHER TIME, IT IS MAHAMA AIDING AND ABETTING CRIME WITH HIS BROTHER AND BANKRUPTING BANKS INTO ADMINISTRATIVE RECEIVERSHIP AND FRAUDULENT TAKE-OVER IN THE PROCESS.

WELL, GHANAIANS ARE TREATED LIKE THAT SIMPLY BECAUSE THEY'VE ALLOWED THEMSELVES TO BE TREATED LIKE FOOLS, PERIOD.

29 Comments

Welcome,

SIGN IN

Welcome,

RESET PASSWORD

Hello,

Terms and conditions

REGISTER

Bank of Ghana introduces additional measures

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 (29)

Read Comments Comments (29)