A renowned Ghanaian Economist in the Czech Republic, Dr. Enoch Ago has lambasted the Bank of Ghana for putting in place a weak monitoring system in the financial sector. This, according to him, has created a conducive atmosphere for illegalities in the financial sector. He cited God is Love and the black-market operators, to buttress his point.
Mr. Ago was reacting to a question posed by afropolitanonline.com on the impact of the refusal of many banks in Ghana to accept foreign currencies that were printed in the early 2000s on the Ghanaian economy.
Impact of Banks actions on the country
Dr. Ago hinted that currencies have no expiry date and so the actions of these banks are unfortunate. However, since the domestic currency in Ghana is the Ghana Cedi, the action would not impact the currency. He however, said that the action would result in a financial boom of the black market since black market forex operators would accept the currency and exchange them either domestically or in their native countries.
He further added, that the bank of Ghana would have to maintain discipline in the financial sector since such actions could have foreign relations consequences with our donor partners.