BoG Governor announces plans to block leakages in remittances space – Nsemkeka
As part of measures to stabilise the cedi, the Bank of Ghana has initiated plans to tighten and block all leakages in remittances inflows.
This, the central bank insists will go a long way to halt hoarding of foreign currencies, particularly the dollar, and stop speculation.
Speaking in a meeting with members of the Association of Ghana Industries (AGI), the Governor of the Bank of Ghana, Dr. Johnson Asiama called for renewed mindset about the cedi.
He urged businesses to support the Bank of Ghana to help block loopholes in the remittances sector.
“Our objective is to ensure that every dollar that is remitted is made to count,” he said.
He assured that the Bank of Ghana will soon roll out a number measures to sanitise and monitor the remittances sector to ensure that every foreign currency is accounted for.
“I wouldn’t go into details about the platforms we intend to put in place, but our objective is to ensure that every dollar that is remitted is properly channeled into the economy,” he said.
Touching on measures being taken to boost the country’s gold reserves, Dr. Asiama pointed out that, the GoldBod initiative is a good step that would continue to help insulate the cedi against external pressures.
“I’m beginning to see those two things play out”, he said referring to the remittances space and the establishment of the GoldBod.
“The Bank of Ghana’s efforts to stabilise the cedi is expected to have a positive impact on the economy, reducing inflationary pressures and promoting economic growth. By addressing leakages in the gold sector and remittances, the central bank aims to reduce the pressure on the cedi and promote stability in the foreign exchange market”, he reiterated.
Dr. Asiama noted that the Bank of Ghana is committed to ensuring that the cedi remains stable and competitive, supporting businesses and individuals.