In an attempt to address the growing concerns of the purported shortage of dollars at various commercial banks, the Ghana Association of Banks (GAB) has launched investigations into the situation.
GAB confirms that it has also received rampant complaints from customers over delays in foreign exchange (FX) transactions. These customers and businesses say they are struggling to access dollars for legitimate business and personal transfers.
But the Chief Executive Officer of GAB, John Awuah, says a quick check from some banks confirmed the availability of FX, as several banks insist that transactions are proceeding smoothly, provided documentation is in order.
Even after confirmation from the banks, John Awuah says the customer complaints persist, suggesting a disconnect between institutional assurances and on-the-ground realities.
Considering the potential impact of the situation, which could tarnish the Association’s image, the CEO revealed that GAB is not taking any chances. He announced that the Association is actively collecting data across the banking ecosystem and has begun consultations with member banks to identify any bottlenecks in the flow of foreign currency.
He says, for now, they are collecting data from the banks, and thorough investigations will follow to identify the root causes of the challenge and address them accordingly.
Awuah emphasised that the Association will come out “very clear” in the coming days once enough data has been gathered and analysed.
“We also started picking feeds about a week ago that customers have started complaining that when they make calls for transfers, there are delays. Sometimes the delays could be attributed to perhaps the availability of FX. We have taken steps; we are picking data. In the course of the few days to come, we will come very clear on what the key issues are,” the CEO of GAB said in an interview monitored by The High Street Journal.
He added that, “I have spoken to the banks. A lot of the banks that I have spoken to say there is no problem so long as there is the right documentation and everything, you will be able to execute your transaction. Unfortunately, the complaints have not stopped coming. Even today, we received complaints asking what is happening. It is a matter that we are picking up and will definitely investigate.”
Meanwhile, the Bank of Ghana has also given a firm assurance to customers and the business community of the adequate availability of FX for their operations. It calls on the public and the business associations to remain calm as it also launches investigations into the situation.
These responses from GAB and the BoG are attempts to restore market confidence and ensure transparency in the FX system.
But for now, the spotlight is on the banks. Are there real liquidity constraints, or is something else at play?
