A banking consultant, Dr Richmond Atuahene has stressed the need for Bank of Ghana to be firm in monitoring remittances.
He said remittances can keep the cedi from depreciating much further.
“Our remittances are nothing to rot home about, so the cedi is running. Currently, if the remittances have been captured very well, I am sure the cedi will not have been running like the way it’s running,” he said.
Dr Richmond Atuahene’s remarks follow the recent rumors about the bank, Société Generale exiting Ghana after twenty years of operation in the country to which the bank refuted.
Speaking on Joy FM, banking consultant, Dr. Richmond Atuahene called on the Bank of Ghana to pay serious attention to the cedi’s performance in the Ghanaian economy.
He also urged Ghana to focus on remittances from overseas as it could help reduce the impact of the currency depreciation.
“Fortunately, when people are trading a diaspora bond, we are trying to deregulate the remittances and give it to certain institutions to benefit from the foreign exchange.
“And we must be very, very serious about what the currency is doing to the economy. And we must get back and say, what do we want to do to ourselves?
Even Nigeria is talking about remittances from overseas, which is about 20 billion, and ours is 5.2 billion, according to World Bank 2023 data. We are talking about; we are only receiving only 2.1. The rest, nobody knows where it goes.
And all these things are impacting on the currency depreciation for the customer deposit. I think from what Bank of Ghana have done; they will be very secure.
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Source: Flora Tang/ATLFMNEWS
