Governor of the Bank of Ghana (BoG), Dr. Ernest Addison, has raised serious concerns regarding the practice of hoarding substantial amounts of foreign currencies at home.
Speculations have emerged that influential individuals, including top government officials in the country, are storing large volumes of foreign currencies in their residences.
The issue was brought to light amidst an alleged theft case at the former Sanitation Minister, Cecilia Dapaah’s residence, prompting Dr. Addison to address the matter.
During a press conference held on July 24, 2023, as part of the 113th Monetary Policy Committee meeting, he expressed his worry about this concerning trend.
Dr. Addison further clarified that the issue is currently being handled in court, limiting the information that can be disclosed at this stage.
In response to prevailing economic challenges and to maintain financial stability in the country, the Bank of Ghana has taken significant action.
It has announced a notable increase in its monetary policy rate to 30%.
This decision reflects the central bank’s proactive measures to address economic risks and ensure monetary stability amidst the current difficulties.
