The Bank of Ghana has announced measures to tighten oversight of remittance inflows and block financial leakages, as part of broader efforts to stabilize the cedi and curb foreign currency hoarding, particularly of the U.S. dollar.
Speaking at a meeting with members of the Association of Ghana Industries (AGI), Governor of the Bank of Ghana, Dr. Johnson Asiama, urged businesses to support initiatives aimed at eliminating loopholes in the remittances sector.
“Our objective is to ensure that every dollar that is remitted is made to count,” he said.
Dr. Asiama assured that the central bank would soon introduce several measures to sanitize and monitor remittance flows, ensuring all foreign currency is properly accounted for.
“I wouldn’t go into details about the platforms we intend to put in place, but our objective is to ensure that every dollar that is remitted is properly channeled into the economy,” he said.
The Governor also highlighted ongoing efforts to strengthen Ghana’s gold reserves, stating that the GoldBod initiative is playing a crucial role in insulating the cedi against external pressures.
“I’m beginning to see those two things play out,” he remarked, referring to improvements in the remittances framework and the GoldBod initiative.
He reiterated the Bank of Ghana’s commitment to ensuring economic stability, emphasizing that addressing leakages in the gold sector and remittances will ease pressure on the cedi and promote stability in the foreign exchange market.
“The Bank of Ghana’s efforts to stabilize the cedi is expected to have a positive impact on the economy, reducing inflationary pressures and promoting economic growth. By addressing leakages in the gold sector and remittances, the central bank aims to reduce the pressure on the cedi and promote stability in the foreign exchange market,” he stated.
Dr. Asiama reaffirmed that the Bank of Ghana remains dedicated to keeping the cedi stable and competitive to support businesses and individuals in the country.
