{"id":306254,"date":"2025-07-31T09:39:13","date_gmt":"2025-07-31T09:39:13","guid":{"rendered":"https:\/\/www.europesays.com\/uk\/306254\/"},"modified":"2025-07-31T09:39:13","modified_gmt":"2025-07-31T09:39:13","slug":"bog-governor-allays-fears-of-us-dollar-shortage-2","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/uk\/306254\/","title":{"rendered":"BoG Governor allays fears of US dollar shortage"},"content":{"rendered":"

\"Dr <\/a>Dr Johnson Pandit Asiama, Governor of the Bank of Ghana<\/p>\n

Dr Johnson Pandit Asiama, Governor of the Bank of Ghana<\/a> (BoG), has allayed fears of businesses and investors of shortage of Dollars for their daily transactions following recent concerns. <\/p>\n

While indicating that the Central Bank has observed some reduction in remittances since April 2025, the Governor noted that for instances where investigations were carried out, it was observed that there was no appropriate documentation by some importers. <\/p>\n

He said this at the 125th Monetary Policy Committee (MPC) press briefing in Accra, on Wednesday, July 20. <\/p>\n

\u201cWe do not expect a shortage of Dollars at the bank. There have been instances like that, and we moved in to investigate, only to find out that some of those importers did not have the appropriate documentation and that was what was delaying it,\u201d the Governor said. <\/p>\n

\u201cWhat we\u2019ve seen is that certain inflows appear to have reduced, especially remittances since April \u2013 we\u2019re investigating that thoroughly,\u201d the Central Bank Chief said, indicating that they were enhancing monitoring mechanisms to shore up foreign exchange inflows. <\/p>\n

He stated that Tuesday, July 29, BoG released a notice to banks, Payment and Remittance Service Providers (PRSPs), and Money Transfer Operators (MTOs) to ensure foreign exchange properly entered the Ghanaian financial system. <\/p>\n

He said that the Bank was following up with certain data requirements from all the players in the remittance space, which would increase inflows, and gave an assurance, saying, \u201c\u2026 and whatever pressures you might be seeing locally will be contained.\u201d <\/p>\n

He also announced a stricter oversight of banks\u2019 nostro accounts [foreign currency accounts held abroad that banks use to finance international trade] to prevent unauthorised capital flight and make Ghana\u2019s foreign exchange earnings remain within the domestic financial system. <\/p>\n

\u201cFrom now on, we will be monitoring transactions in the nostro balances of banks, all in an attempt to make sure that we don\u2019t have offshoring going on and that all Ghana foreign exchange that\u2019s earned from abroad is made available to the system to fund our imports and economic activities,\u201d Governor Asiama stated. <\/p>\n

The Governor explained that contrary to the concerns of a seeming shortage of Dollars at banks, businesses are rather financed through nostro accounts rather than requiring physical dollar deposits from importers to facilitate trade payments. <\/p>\n

\u201cBanks finance trade using their nostro account \u2013 it is out of it that they pay for imports \u2013 you don\u2019t have to carry US Dollars in Accra to pay for your imports, banks are expected to fund that for you,\u201d he stated. <\/p>\n

The enhanced monitoring measures, he said were expected to further stabilise the Cedi, which has appreciated by 40.7 per cent against the Dollar, 31.2 per cent against the Pound Sterling, and 24.2 per cent against the Euro.<\/p>\n","protected":false},"excerpt":{"rendered":"Dr Johnson Pandit Asiama, Governor of the Bank of Ghana Dr Johnson Pandit Asiama, Governor of the Bank…\n","protected":false},"author":2,"featured_media":306092,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3090],"tags":[51,1700,16,15],"class_list":{"0":"post-306254","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy","8":"tag-business","9":"tag-economy","10":"tag-uk","11":"tag-united-kingdom"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@uk\/114947186426242080","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/306254","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/comments?post=306254"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/306254\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media\/306092"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media?parent=306254"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/categories?post=306254"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/tags?post=306254"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}