The Financial institution of Ghana (BoG) has, with rapid impact, directed all banks to stop the fee of unsupported overseas forex (FCY) money to massive companies as a part of measures to ease strain on the overseas alternate market.
A press release issued by the central financial institution on 20 August, signed by Secretary Aimee V. Quashie, expressed concern concerning the rising apply of huge money withdrawals by companies with out corresponding prior FCY money deposits.
The Financial institution famous that this apply exerts undue strain on the overseas alternate market and undermines ongoing efforts to make sure stability.
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The directive acknowledged:
Accordingly, with rapid impact, all banks are directed to discontinue the fee of FCY money to massive corporates until such transactions are absolutely supported by equal FCY money deposits lodged by the identical establishment. Banks should retain correct documentation to verify the supply of funds for each payout.
Whereas reaffirming its dedication to supporting the operations of huge companies, the BoG acknowledged their essential function in sustaining petroleum provide, mineral exports, and different important sectors of Ghana’s economic system.
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To this finish, the Financial institution indicated that, in partnership with the Authorities, it has put in place mechanisms to supply and supply overseas alternate liquidity to satisfy the reliable import obligations of huge companies. These measures are designed to safeguard market stability whereas making certain that very important provide chains stay uninterrupted.
The assertion additional cautioned that any financial institution failing to adjust to the directive will face sanctions.
The Financial institution of Ghana in Accra.Photographer: Ernest Ankomah/Bloomberg
It warned:
We anticipate all banks to conform strictly with this directive and to cooperate absolutely with the Financial institution of Ghana in making certain that out there overseas alternate sources are utilized effectively and transparently. Non-compliance will appeal to applicable regulatory sanctions.
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The BoG additionally urged related business associations to carry the discover to the eye of their members and guarantee strict adherence.
Financial institution of Ghana assertion
