The Bank of Ghana (BoG) has reassured business owners, particularly importers, of sufficient foreign exchange availability to support Christmas importations.
Director of Research at the BoG, Philip Abradu-Otoo, gave the assurance during a roundtable discussion with officials of the central bank and academia at the University of Cape Coast (UCC) on the theme: “Monetary Policy Responses to Exchange Rate Volatility in Ghana: Implications for Cost of Living.”
Mr. Abradu-Otoo acknowledged that complaints of forex shortages during the festive season have been a recurring concern for importers but stressed that the central bank is taking proactive measures to ensure adequate supply this year.
He further cautioned forex bureaus against trading at unapproved rates, warning that offenders would face strict sanctions.
At the same event, President of the UCC School of Development Students, Stephen Agyei, appealed to business owners and traders to reduce prices of goods and services in line with the recent appreciation of the cedi against the dollar.
He argued that while prices are often increased when the cedi weakens, consumers deserve to benefit when the local currency strengthens.
The programme also marked the official launch of the UCC School of Development Studies Alumni Association, with a call for past students to support the association’s growth.
Source: Kafui Justice
