Bank of Ghana could not provide importers nearly $80m to import goods – MP alleges

The Member of Parliament (MP) for Bolgatanga Central, Dr. Isaac Adongo, has alleged that the Bank of Ghana (BoG) could not provide all the foreign exchange needs of importers at the October 2022 forex auction. According to him, the importers needed more than $104 million to be able to import goods into the country, but the BoG could only provide $25 million. In a statement he issued, which was sighted by GhanaWeb, the MP said that the country has to now rely on the black market (Abochi), which the government has barred from operating. He added that because ‘Abochi’ are now in hiding they are now going to sell the dollar at far higher exchange rates. “BoG Notice number: NO.BG/FMD/2022/86, dated, 18th day of October 2022, the market required a whopping amount of $104,750,000 for their imports. Unfortunately, BoG could only provide $25m at the auction. “There is a shortfall of nearly $80m. It is therefore obvious that Abochi, the strategic partner, will have to step in to provide the bulk of the dollars ($80m) to make the system work. “Yet Dr Bawumia has set the security to chase this his partner into hiding. Guess what, Abochi, the strategic partner is smart. He is adding 'hiding fees' and 'running away from security cost' to the existing rate,” parts of the statement read. Read his full statement below: Hon Isaac Adongo writes; BoG AUCTION BLUES BoG Notice number: NO.BG/FMD/2022/86, dated, 18th day of October 2022, the market required a whopping amount of $104,750,000 for their imports. Unfortunately, BoG could only provide $25m at the auction. There is a shortfall of nearly $80m. It is therefore obvious that Abochi, the strategic partner, will have to step in to provide the bulk of the dollars $80m to make the system work. Yet Dr Bawumia has set the security to chase this his partner into hiding. Guess what, Abochi, the strategic partner is smart. He is adding 'hiding fees' and 'running away from security cost' to the existing rate. This is how Dr Bawumia is fixing the exchange rate for you. You create a Strategic Partner and turn round to chase him into hiding. You'll pay for it. Commonsense is hardly ever common. Dr Bawumia, if you want to eliminate Abochi, please keep providing the entire amount required by the market each time. You can also watch this episode of People & Places on GhanaWeb TV: Watch the latest episode of The Lowdown below: IB/BOG