{"id":32754,"date":"2023-05-05T09:02:04","date_gmt":"2023-05-05T09:02:04","guid":{"rendered":"https:\/\/www.nsemgh.com\/?p=32754"},"modified":"2023-05-05T09:02:06","modified_gmt":"2023-05-05T09:02:06","slug":"forex-bureaux-should-mop-up-foreign-currencies-not-sell-them-prof-baah-boateng","status":"publish","type":"post","link":"https:\/\/www.nsemgh.com\/2023\/05\/05\/forex-bureaux-should-mop-up-foreign-currencies-not-sell-them-prof-baah-boateng\/","title":{"rendered":"Forex Bureaux Should Mop Up Foreign Currencies, Not Sell Them \u2013 Prof. Baah-Boateng"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Economist, Professor William Baah-Boateng, has urged the Bank of Ghana to institute laws that ensure that forex bureaus across the country only buy foreign currencies and sell only the cedi.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">According to him, this is a sure way to help control the cedi\u2019s depreciation on the international market.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">He said, Ghanaians\u2019 easy access to foreign currency at the various forex bureaus is what has significantly contributed to the dollarisation of the economy and the subsequent tanking of the cedi.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Speaking on JoyNews\u2019 PM Express Business Edition, he said unless a Ghanaian is travelling abroad, they should not be given foreign currency.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe loading=\"lazy\" title=\"PM Business with George Wiafe: Ghana&amp;apos;s Unemployment situation and the economy  - Joy News (4-5-23)\" width=\"1290\" height=\"726\" src=\"https:\/\/www.youtube.com\/embed\/9fPtSS4Vww8?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cI don\u2019t understand why as a Ghanaian if I\u2019m not travelling I can go to the forex bureau and say I need dollars. What am I using the dollars for?\u201d he said.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">He said similar laws are applied in other foreign countries like Finland and Germany where foreign currencies are not accepted in the country during transactions.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cSo for me I think if the central bank, if Bank of Ghana law and regulation can be reviewed and say that forex bureau are supposed to mop-up foreign currency for the bank but not to sell, it means that if I come from outside and I need cedis I can walk to forex bureau and give them my foreign currency and get the cedis, but not get dollar and give my cedis.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cWhen you do that it means if I\u2019m travelling \u2013 and it happens in many other countries and my colleagues at central bank they travel more than I do, they know. And I\u2019ll give you Finland as one of the countries. If you enter Finland, you cannot buy any good or service with any currency like dollar or so on or even Germany.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cI was in Germany and I wanted to buy something and I didn\u2019t have enough euros and I thought I could use my dollar, I went there they said \u2018we can\u2019t use go and change it to euro before we can use it.\u2019 Because the rules are there so nobody will then go and buy dollar and so on.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cSo you use the local currency and when you\u2019re leaving you get to the airport, you get your boarding pass, at the last point there\u2019s a forex bureau there you can change and get the dollar. And if we\u2019re able to insist on this why would we need the dollar in Ghana? Why do I have to buy the dollar as a store of value?\u201d he explained.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Economist, Professor William Baah-Boateng, has urged the Bank of Ghana to institute laws that ensure that forex bureaus across the country only buy foreign currencies and sell only the cedi. According to him, this is a sure way to help control the cedi\u2019s depreciation on the international market. He said, Ghanaians\u2019 easy access to foreign [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":32755,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_post_source_name":"","_post_source_url":"","footnotes":""},"categories":[61],"tags":[4836,5754,7358,5059,8364,3977,7730,5195,9309,5196,2419,5335,6305,8347,66,192,4521,12502,10954,10342,12329,10742,11973,2627,10313,6584,3954],"class_list":["post-32754","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-access","tag-airport","tag-bank","tag-cedi","tag-cedis","tag-central-bank","tag-depreciation","tag-dollar","tag-dollars","tag-economy","tag-euro","tag-finland","tag-forex","tag-forex-bureau","tag-germany","tag-ghana","tag-ghanaian","tag-ghanaians","tag-international","tag-law","tag-laws","tag-market","tag-one","tag-pm","tag-professor","tag-travel","tag-will"],"blocksy_meta":[],"_links":{"self":[{"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/posts\/32754","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/comments?post=32754"}],"version-history":[{"count":0,"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/posts\/32754\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/media\/32755"}],"wp:attachment":[{"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/media?parent=32754"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/categories?post=32754"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/tags?post=32754"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}