Forex bureau operators in the country are facing difficulties in obtaining foreign currencies, particularly the dollar, as their main sources of supply banks do not have enough to sell.
Most people in possession of foreign currencies were keeping them rather than sending them to the banks for fear that they might be converted into Cedis. Consequently, most of the operators have to rely on traders from Nigeria and Togo who come to Ghana to do business.
Business is a bit slow since the bureaus are not getting the currency to sell to people. A transaction that could be done minutes, now takes hours or a day to do that, said a source who pleaded anonymity.
The Bank of Ghana, in its efforts to stabilise the cedi in the country, ordered the banks to refrain from issuing dollars to their respective clients beyond a certain amount.
Due to the scarcity, some forex bureaus sell the dollar at 2.04 and people buy at 1.99 Ghana Cedis, which was not like that few weeks back. It has eventually led to the denial of people to their dollar accounts thereby causing a lot of problem to most people especially those in the business field who trade in dollars.
I was so frustrated and disappointed when my bank refused me access to my dollar account, said one business man who wanted to remain unnamed.
Another problem is that business people who transact business using the dollar will have to halt for sometime since almost all dollar account holders cannot get access to their account and in some cases the banks decide the amount they can withdraw at a time.
Source: Economy Times
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