BoG Under Pressure From AGI, GREDA

2 generic soma online The Bank of Ghana (BoG) is under pressure from some business groupings to relax its directives meant to discourage the use of forex in the country and stabilise the weakening Cedi against the major trading currencies.

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The AGI has, however, held separate meetings with Central Bank officials on two separate occasions aimed at finding a compromise to the implementation of the new directives.

The last of the two meetings was on February 28, when President of AGI, Mr James Asare-Adjei; the Chief Executive Director, Mr Seth Twum- Akwaboah, and a host of other top executives of the association met with their counterparts from the BoG to discuss the matter.

“We are not saying that the directives are bad per se just that we think there are one or two issues that can be looked at again so that those measures, however good they are, will not damage the operations of the private sector,” Mr Asare-Adjei, told the GRAPHIC BUSINESS on March 4.

Frank discussions

The cedi came under heavy pressure from the beginning of January into February, causing the business community, including members of AGI, to ask for practical solutions that would help stabilise the cedi.

That caused the BoG, which was in-charge of the management of the monetary policy, to respond with the directives which, among other things, made it impossible for people, traders, to withdraw their forex from the banks.

The directives also made it impossible for travellers to carry foreign currency in excess of US$10,000, a rule the business community, especially those into imports, said was counter productive

Although AGI’s President said it was too early yet to tell the posture of the bank towards the association’s requests on the new directives, he said indications were that the bank would listen to the pleas put forward.

On the outcome of the February 28 meeting, the AGI President said it went well.

“We always have open and frank discussions with each side ready and willing to compromise. I think the good thing about the negotiations is that the bank is willing to listen to our side and factor our concerns into their activities. That, to us, is welcoming,” the AGI president said, declining to give details.

Although the association does not intend to meet with the BoG soon to again discuss the new directives, Mr Asare-Adjei, who owns and runs the Asadtek Group, said the negotiations with the Central Bank would continue until such a time that the rules would be adjusted to favour both sides.

“We don’t look forward to a one-time solution to the entire problem; it’s a gradual process and that is what the negotiations are supposed to do,” he added.

Attempts to get the BoG to comment on the matter failed but indications are that the bank will not alter the directives soon given that they were issued to help stablise the fast depreciation of the cedi.

Any review of the directives would, therefore, come only if the cedi regains its strength against its major trading partners.

The cedi lost some 2.65 per cent of its value to the US Dollar; 0.25 per cent to the Euro and 2.75 per cent against the British Pound in the week ending March 7, according to a Merban Stock Brokers’ weekly report.