BoG push for new policy to compel oil, mining firms to keep part of profits in Ghana
Posted on: 2014-Jun-15        
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The Bank of Ghana is set to push for a new policy that will compel firms operating in the oil and mining sectors in Ghana to keep part of their profits in the country.

Under existing rules, these firms are allowed to keep almost all of their profits in offshore accounts.

The Central Bank said it will recommend to government the need to change the policy.

The Bank expects to use the new policy as a means to ensure regular and adequate supply of foreign currency on the local market.

The Bank also wants to push some government agencies to keep their foreign exchange proceeds from project funds with bank of Ghana instead of keeping them in offshore accounts.

The regulator is also taking steps towards networking all banks and Forex bureaux to capture the foreign exchange flows and eliminate any abuse.

The Bank of Ghana is working to promote the culture of using debit and credit cards to address the high demand for dollars in the country by businesses and individuals.

The Central Bank however rejected suggestions that the recent Forex measures introduced has not worked.

Dr. Amoah who is Head of Financial Stability at the Bank of Ghana said "Do you know where the cedi would have been taken. As at the time of the introduction of the measures the cedi for January had depreciated by 7.8%. February monthly depreciation fell, as at May it was 2.7%. I'm not saying that the cedi is appreciating...its depreciating at a slower pace. If it had continued at 7, where would we have been?" he asked.

Central Bank is also encouraging the use of Chinese Yuan for those who transact business in China to lessen the demand for Dollars for every international trade.

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