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Banking Expert Blames Finance Ministry For Dollarization   
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A banking expert says until the Finance Ministry stops quoting units of accounts in dollars, the dollarization of the Ghanaian economy will not stop.

Nana Otuo Acheampong, who is the Head of Osei Tutu Excellence of Education and Research, is therefore calling for an overhaul of the system to prevent the pricing, advertising, receiving or making payments in any foreign currency for goods or services.

The Bank of Ghana on Thursday issued a statement vowing to deal with Ghanaians, foreign residents and institutions conducting business in dollars.

It stated that those found culpable will be fined about seven hundred penalty units or a prison term of about 18 months.

But Nana Otuo Acheampong told XYZ BUSINESS that the Central Bank must revise its strategy to check dollarization.

Mr. Acheampong said “unless we clean the system and explain properly what we mean,” the situation will worsen.

He said in order to make the order effective, the Ministry of Finance must first stop issue payments in dollars so as to have the maximum effect.
Source: Radioxyzonline.com

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