The Bank of Ghana has moved to calm tensions within the business community, assuring the Ghana Union of Traders’ Association (GUTA) that there is no shortage of foreign exchange (forex) in the country.
This follows mounting complaints from traders and importers about the difficulty in accessing forex from commercial banks, which they say is affecting their ability to conduct international transactions.
In response, the Central Bank convened a meeting with GUTA’s leadership to address the concerns.
According to a statement issued by GUTA, the Bank of Ghana assured that there is adequate forex in the system and urged the business community not to panic.
“The Bank of Ghana has assured the business community that there is enough forex and that there is no need for alarm,” the statement read.
The Central Bank further indicated it would engage the commercial banks to determine the root cause of the reported delays or access challenges and take appropriate measures to address them.
In light of the meeting, GUTA President, Dr. Joseph Obeng, called on members of the business community to remain calm as the Central Bank works to resolve the issue. He also encouraged members to report any persistent difficulties in accessing forex to the association for further action.
“The Central Bank is working to resolve the issue, and we urge our members to stay calm. However, if the problem persists, we ask that it be reported to us,” Dr. Obeng stated.
The assurance comes as traders face increased pressure from currency volatility and supply chain disruptions, making reliable access to forex critical for sustaining business operations and maintaining price stability on the market.
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