Banks call for increase in supply of dollar cash
8/17/2012 5:00:19 PM -
Commercial banks want the Bank of Ghana to increase the supply of dollar cash to address the shortage on the market.
They however maintain this should be done in way that will not deplete country's international reserves.
Some banks over the past month have had challenges in getting the required dollars for their operations.
But speaking to JOY-BUSINESS after the Annual General Meeting of the Bankers Association, President, Asare Akuffo says the central bank must enforce the foreign exchange laws.
'You respond to such challenges based on facts and research. Banks send returns on their foreign exchange sales to the Central Bank and so the Central bank knows where the demand for dollars is coming from. That kind of demand is difficult to address in the short term" he noted.
You cannot supply more than you have and we all know the country's reserves. There is a also minimum we should have in the economy and so within that level, the supply of foreign currency on the market could be increased, Mr. Akuffo added.
He however confirmed the supply has improved over the past weeks.
Story by Emmanuel Agyei / George Wiafe / Joy Business