- Dr. Ernest Addison, the governor of the Bank of Ghana, has raised worry about the trend of people stockpiling huge sums of foreign currency outside of the banking system. He mentioned Cecilia Dapaah, a former minister of water resources and sanitation, who was accused of stockpiling one million dollars and 300,000 euros at her residence.
- As part of its Inflation Targeting Policy, the Bank of Ghana has encouraged people and institutions to retain their foreign and local currencies with commercial banks in Ghana to effectively control the number of currencies in circulation. To address the issue, the Bank of Ghana has expanded its open market trading and enhanced its liquidity management tools.
- The Governor pointed out that this trend has a seasonal component, with the surge in sales of cocoa and gold. All commercial banks must obtain bulletproof vehicles by July 1, 2023, according to a directive from the Bank of Ghana.
- In order to bolster their activities, the bank has ordered all financial institutions to buy bulletproof bullion vehicles. Dr. Addison has observed approvals from the Ministry of Interior to assist imports and is concerned about recurrent robbery attacks on these vehicles.
- The forex licenses of Fidelity Bank and First National Bank of South Africa have been suspended as a result of operational procedures being broken, according to the Bank of Ghana. Customers of these institutions might need to search elsewhere at this time to do their foreign exchange transactions. These two banks’ licenses, however, have been reinstated, suggesting that they did not complete the entire month.
