Ghana: Bank calls on central bank to review monetary policy

Commercial Banks want the central bank to review its recent policy measures especially the one which requires them to hold nine percent of their foreign reserves in cedis.

The measures introduced earlier this year to stabilize the cedi included key interest rate hikes, reviewing reserve requirements for banks and bond auctions to mop up excess liquidity.

Governor of the Bank of Ghana, Dr. Kofi Wampah has however maintained that they will still hold on to these measures despite the cedi’s stability.According to Executive Secretary of the Ghana Association of Bankers, D.K Mensah the measure is seriously affecting their operations.

He told Joy Business that: “All your dollar holdings for instance, we need to make cedi cover for them, in addition we have to look for cedis to cover your dollars, that is why some banks were even charging for holding your dollars, because it involves a cost to them”







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