The Director of the Institute of Statistical, Social and Financial Analysis (ISSER), Prof Peter Quartey, has dismissed claims of a US greenback scarcity in Ghana, regardless of rising considerations amongst some exporters and importers.
Talking on Pleasure FM’s Tremendous Morning Present on Monday, July 21, Prof Quartey clarified that there isn’t a shortage of international forex throughout the formal banking system. In keeping with him, banks stay well-stocked with {dollars} however are prioritising digital transactions and cheque funds over massive bodily money withdrawals.
“There is no such thing as a scarcity of foreign exchange out there,” he harassed. “If in case you have an account and also you need to import and you’ve got all of the documentation, there isn’t a drawback; there isn’t a restrict on how a lot you’ll be able to pay.”
He defined that the problem arises primarily for many who demand bodily money with out having deposited any international forex of their financial institution accounts.
“If in case you have deposited bodily money, you’ll have entry to your cash. However it’s those that do not have accounts or haven’t deposited any bodily money, but they need bodily money, that’s the place the issue is,” he clarified.
Money Transactions Distorting the Market
Prof Quartey criticised the observe of bypassing the formal banking system in favour of cash-based transactions, significantly amongst some enterprise teams.
“Sadly for our brothers and sisters in GUTA and the remaining, they like to transact in money. They do not need to use the banking system as a result of if you do this, authorities can observe the worth of your import, so that you pay the suitable taxes,” he identified.
He accused some merchants of utilizing the black market to under-invoice items, thereby evading taxes and distorting the foreign exchange market.
“They like to deal within the black market, in bodily money, the place problems with under-invoicing and tax avoidance can occur. That’s the drawback,” Prof Quartey argued.
Name for a Cashless Method
Prof Quartey additionally warned of the dangers related to massive money transactions, urging the general public to embrace digital funds and the formal monetary system for international change dealings.
“Let’s educate our folks to make use of the banking system. We’re saying we’re shifting cashless, and but you need to commerce in foreign exchange and take big sums of bodily money with you—it isn’t protected,” he cautioned.
He reiterated his place, stating emphatically: “I don’t assume there’s a scarcity of foreign exchange out there.”
Prof Quartey’s feedback come amid rising debate over Ghana’s foreign exchange market, with stakeholders calling for better transparency and reform to scale back black market exercise.
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