The Bank of Ghana (BoG) is assuring the public that it has enough dollars to meet operations of commercial banks. The assurance follows reports by most banks that they do not have enough dollar cash for their dealings.

According to the commercial banks, the situation is also making it difficult to meet the demands of some foreign currency holders.

But the BoG argues that the situation could be linked to banks that are not complying with measures introduced last year to check dollarisation.

Adams Henaku, Head of Treasury at the Bank of Ghana said the regulator has not given any directive to commercial banks to limit their forex transactions to be cashless.

Explaining why some foreign currency holders are having challenges in withdrawing dollars from their accounts, Mr. Henaku said the accounts are for imports and travelers.

He said it is wrong for people to withdraw dollars over the counter to pay for goods and services in the country.

The Bank of Ghana last year put forth a series of measures to stabilize the cedi. These include key interest rate hikes, changing of bank reserve requirements and bond auctions to mop up excess liquidity.

The banks on the other hand have argued that the measures are badly affecting their operations and have called for a review.

Source: myjoyonline.com