The Traders Advocacy Group (TAGG) is calling for a capping of the rate at which US dollars can be sold in the country.
According to the group, this will help address the disparities between rates from the Central bank and what pertains to the market.
For instance, when the Bank of Ghana announced that the dollar is being sold at GH¢8 most forex bureaus retailed it at GH¢11 and above
Speaking to Citi News, the President of TAGG, David Amoateng believes addressing this challenge would help reduce the cost of doing business for the trading community in the country.
“We traders do not understand the reason why Governor can sell dollars to the commercial banks in dollars. And those commercial banks without sealing points go ahead to sell at higher rates. There should be a sealing beyond which banks can sell the dollar. If we do not do this, people will do whatever they want. What is the central bank’s role in all of this?”
The Ghana Cedi which has been under pressure this year is now seeing some cumulative gains.