CEO of Dalex Finance, Joe Jackson, has raised concerns about the exchange rate disparities between the Bank of Ghana (BoG) and the Forex Bureaus.
He says the disparities are not a good sign for the country.
“Nobody chooses to go to the forex if they can get it at the bank rate. That divergence tells you that I am not getting it, so I am prepared to pay more to get what I want,” he said on the Ghana Tonight show on Thursday, July 24.
For his part, a political science lecturer at the University of Ghana, Dr Joshua Jebuntie Zaato said that one thing the managers of the economy have not handled properly is the middlemen in the exchange rate popularly referred to as “Abochi.”
This, in his view, is a disturbing phenomenon that must be addressed.
Contributing to a discussion on the mid-year budget presentation on TV3’s Key Point Saturday, July 26, Dr Zaato said “One thing we have not done well is dealing with the ‘Abochi’ saga. You go to the bank, there is no dollar, but the ‘Abochi’ is standing behind the bank with dollars.”
Dr Zaato, also accused the Mahama administration of inconsistency. He says that whereas the current managers of the economy admit to the International Monetary Fund (IMF) that the previous government set a good foundation for an economic recovery, they also paint a different picture when they speak to Ghanaians, claiming Ghana was a crime scene.
“They made it look like they inherited a crime scene, but when they meet the IMF, they praise the former government. This doesn’t show consistency,” he said on the Key Points on TV3 Saturday, July 26.
His comments come at a time the Finance Minister, Dr. Cassiel Ato Forson, said that at the time the Mahama administration took over governance on January 7, the economy was struggling.
He stated that they inherited a weak financial sector with significant non-performing loans. Additionally, he noted that they inherited a derailing IMF programme.
Dr. Ato Forson accused the previous Akufo-Addo administration of incompetence in managing the economy.
He also blamed the central bank under the Akufo-Addo government for driving inflation to unprecedented levels.
In contrast to the previous administration, he said President Mahama has chosen the path of structural reforms and transformation.
“We have made significant progress; the signs of recovery are visible,” he added.
