Professor Peter Quartey is Director of the Institute of Statistical, Social and Economic Research
Professor Peter Quartey, Director of the Institute of Statistical, Social and Economic Research (ISSER), has downplayed claims of a dollar shortage in Ghana, stating that the country’s formal banking system remains strong and well-supplied with foreign currency.
In an interview on Joy FM on Monday, July 21, 2025, he said that about 80% of foreign exchange transactions are still conducted through the banking sector, which, in his view, has sufficient resources to meet demand.
“There’s no shortage of forex if you follow the proper procedures. Once your documents are in order and you have an account, there’s no issue transferring money for imports,” he said.
Professor Quartey noted that most of the complaints stem from traders who prefer to deal in physical cash rather than use the formal banking system.
He stressed that this practice creates unnecessary complications and contributes to the false perception that forex is unavailable.
He specifically cited some members of the Ghana Union of Traders Association (GUTA), arguing that their preference for cash transactions without first depositing physical dollars is a key part of the problem.
“People want cash without having deposited cash, that’s not sustainable. We need to educate traders on using the formal systems available,” he stated.
His comments follow recent reports by traders of delays in transferring funds, sometimes even for amounts around $200,000, forcing them to resort to the black market, where exchange rates are significantly higher.
However, Professor Quartey expressed skepticism about these claims, noting that such complaints do not align with reports received from the banks.
DR/MA
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