Stop hoarding dollars – BoG

The Bank of Ghana (BoG) has disclosed that the cedi is gaining strength against the dollar and other foreign currencies and is therefore advising the general public to stop hoarding the dollar

According to the Central Bank, the cedi strengthened further since March 28 and is expected to make further gains in the coming days following certain measures put in place indicating that it does not make business sense for people to stock dollars.

Speaking to mynewsgh.com Dr. Benjamin Amoah Director of Research Department at the Bank of Ghana said the country can now boast of enough dollars in circulation which he said is good for business.

Dr. Amoah further indicated that the Ghanaians can be assured of sustainable cedi strength since the central Bank is working tirelessly to ensure that it achieve its targets.

“We have enough dollars in the system to meet our needs. Some people were buying dollars and stocking them with the anticipation the cedi will further depreciate but that isn’t the case. The Cedi will not depreciate for them to use the stocked dollars as an investment”, he revealed.

To this end, he advised those stocking dollars to desist from such practices because measures put in place will make it impossible for them to make the desired gains for which reason they hoarded them.