AGI Not Opposed to BoG Monetary Policies but Expert Blames Parallel Economic System for Currency’s Woes

The Association of Ghana Industries, AGI will on Wednesday engage the Bank of Ghana to discuss matters arising out of the Bank’s directive to address the ‘dollarisation’ of the economy.

Speaking to Radio Ghana, the Executive Director of the AGI, Seth Twum Akwaboah said the meeting has become necessary because some of the interventions of the Bank will have dire consequences on its membership.

He was quick to add that the AGI is not opposed to intervention in its entirety.

Mr Akwaboah was hopeful that the meeting will help to broker a win – win situation, and to a large extent enhance the national interest.

Meanwhile, as the Central Bank takes steps to correct the dollarisation of the economy, economic analysts have been explaining the wrong policies that have persisted over the period which created a parallel economic situation where the country is using both the cedi and the dollar at the same time.

On the legal implications of the directive by the Central Bank on standing contractual arrangements with clients of the banks, Mr Adongo said the Bank of Ghana is the statutory body mandated to regulate banking and forex Bureau businesses in Ghana.