Wpid Simon Dornoo
Simon Dornoo

Simon Dornoo 1

Simon Dornoo, President of GAB

The Ghana Association of Bankers (GAB) and its composite member banks say they are reviewing the Central Bank?s new policy guidelines to determine its impact and all unintended consequences for banks and the general public.

A statement issued recently and signed by the Chief Executive Officer (CEO), D.K Mensah, said the association would continue to receive feedback and clarification requests from the banking public.

He said feedback from the banking public would form the basis for further consultations and dialogue with the authorities in the coming days.

The Ghana Association of Bankers has since May 2012 dialogued with the Bank of Ghana to identify appropriate measures to stop the growing dollarization of Ghana?s economy and the inherent danger it poses to the economy.

The Bank of Ghana on February 4, 2014 introduced additional guidelines to the banks and the banking public, which were aimed at decelerating the current rapid decline in the value of the cedi to ensure continued exchange rate stability.

?We would like to re-assure the general public, especially holders of Foreign Exchange Accounts (FEA) and Foreign Currency Accounts (FCA) that balances held in these accounts remain available for legitimate transactions abroad when backed with relevant documents, as well as for foreign travel,? the statement said.

  By Yvonne Deloris Frimpong

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