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    6th Ghana CEO Summit to focus on digital leadership for the digital economy

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    Ghana’s 2022 economic outlook to remain positive; GDP projected to grow by 5.3% – AfDB report

    African governments tasked to look within the continent in their bid for transformation

    COCOBOD closes purchases for 2021/2022 main crop cocoa season

    Ghana Life Insurance Ltd accused of employing delay tactics in payment of claims

    BoG urged African DFIs to enhance credit rating positions to boost investment

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

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    6th Ghana CEO Summit to focus on digital leadership for the digital economy

    Ghana Life Insurance Ltd accused of employing delay tactics in payment of claims

    BoG urged African DFIs to enhance credit rating positions to boost investment

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

    Gold exports push Ghana’s trade surplus to $1.3 billion in April

    Value of MoMo transactions decrease by 3% between March and April 2022

    Inflation rate likely to drop to single digits in 2023 – Dr. Ernest Addison

    Monetary Policy Rate increased again by 200 basis points; now at 19%

    Government partners private companies to mine abandoned iron ore in Oti Region

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    1.5% E-Levy rate will negatively impact GH¢6.9 billion target – Prof. Quartey

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    Standard of cars assembled in Ghana will not be compromised – GSA assures

    GUTA urges gov’t to get other countries to open their borders to facilitate trade

    Kyle Kelhofer appointed as IFC Senior Country Manager for Benin, Ghana, Liberia, Sierra Leone, and Togo

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Shortage of British pounds hits Forex bureaus

bycitibusinessnews
June 23, 2014
in Banking And Finance, Business, News
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There is a shortage of the British Pound Sterling in Forex bureaus in Accra and Kumasi.

The British Pound which is mostly used by students and educational institutions in making payments to United Kingdom-based institutions has seen some significant appreciation in the past months.

Most Forex bureaus Citi Business News visited said the shortage begun early this week.

The British Pound has proved to be one of the most attractive currencies for persons who want to take advantage of its increasing value.

In the past 6 six months, the British Pound has increased by over 35 percent from the beginning of the year.

A visit by Citi Business News to some Forex bureaus showed there was either little or no British pound sterling available.

The owners of these Forex bureaus say this is not an isolated case, the same can be said of other Forex bureaus located in some areas in Kumasi.

The Chief Accountant of Dee Dee Forex bureau in Adabraka, Ebenezer Ntow says, they started observing this after the bank of Ghana introduced the new foreign exchange rules in February.

“Because of the new policy the bank of Ghana brought, it is very difficult to get the foreign currency at the moment. It is very scarce,” he said.

Some other Forex bureau owners indicated, the Pound sterling is not widely used as a trading currency.

They indicate, most people who receive pounds in Ghana get them in the form of remittances from families abroad and hence with the increasing rate, they are better off hoarding them.

 

By: Anim Kwaku Boadu/citifmonline.com/Ghana

 

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