The Governor of the Bank of Ghana (BoG), Dr. Johnson Pandit Asiama, has revealed disturbing evidence of individuals moving as much as $1 million in hard cash out of the country without following laid-down procedures.
This revelation comes in the wake of the central bank’s strict enforcement of rules on the maximum foreign currency that can be brought into or taken out of Ghana through the nation’s airports.
Speaking in an exclusive interview on Joy News’ flagship programme PM Express, Dr. Asiama disclosed that the findings emerged from surveillance mounted at various entry and exit points as part of BoG’s enforcement regime.
“People have been caught carrying large amounts of foreign currency out of this country, which is clearly against the established laws. Our officers stationed at the borders and airports have been reporting these illegal acts, and the evidence has been forwarded to our head office for immediate action,” he stated.
He warned that such activities threaten the relative stability of the cedi in recent months and undermine Ghana’s fight against money laundering and illicit financial flows.
Dr. Asiama further explained that the BoG’s recent tightening of rules on the use of foreign currency for local transactions is part of broader efforts to combat money laundering and protect the economy.
“Our crackdown on the indiscriminate use of foreign currencies for domestic transactions is based on intelligence that some groups are engaged in currency racketeering and the movement of huge sums above the required thresholds. Such practices harm our economic gains. With effective monitoring, we believe we can stem the tide and preserve stability in the exchange rate and limit cedi depreciation,” he emphasised.
The Governor concluded by urging all stakeholders to support the central bank’s new policies to help maintain the strength of the local currency against competing foreign currencies.
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Story by Sika Togoh|univers.ug.edu.gh
