{"id":77726,"date":"2025-07-21T11:17:16","date_gmt":"2025-07-21T11:17:16","guid":{"rendered":"https:\/\/sotnews.agency\/?p=77726"},"modified":"2025-07-21T11:17:16","modified_gmt":"2025-07-21T11:17:16","slug":"prof-peter-quartey-dismisses-claims-of-us-dollar-shortage-in-ghanas-banking-sector","status":"publish","type":"post","link":"https:\/\/sotnews.agency\/?p=77726","title":{"rendered":"Prof Peter Quartey dismisses claims of US dollar shortage in Ghana\u2019s banking sector"},"content":{"rendered":"<div class='booster-block booster-read-block'>\n                <div class=\"twp-read-time\">\n                \t<i class=\"booster-icon twp-clock\"><\/i> <span>Read Time:<\/span>2 Minute, 9 Second                <\/div>\n\n            <\/div><div>\n<p>The Director of the Institute of Statistical, Social and Economic Research (ISSER), Prof Peter Quartey, has dismissed claims of a US dollar shortage in Ghana, despite growing concerns among some exporters and importers.<\/p>\n<p>Speaking on Joy FM\u2019s Super Morning Show on Monday, July 21, Prof Quartey clarified that there is no scarcity of foreign currency within the formal banking system. According to him, banks remain well-stocked with dollars but are prioritising digital transactions and cheque payments over large physical cash withdrawals.<\/p>\n<p>\u201cThere is no shortage of forex in the market,\u201d he stressed. \u201cIf you have an account and you want to import and you have all the documentation, there is no problem; there is no limit on how much you can pay.\u201d<\/p>\n<p>He explained that the difficulty arises mainly for those who demand physical cash without having deposited any foreign currency in their bank accounts.<\/p>\n<p>\u201cIf you have deposited physical cash, you will have access to your money. But it is those who don\u2019t have accounts or have not deposited any physical cash, yet they want physical cash, that is where the problem is,\u201d he clarified.<\/p>\n<p><strong>Cash Transactions Distorting the Market<\/strong><\/p>\n<p>Prof Quartey criticised the practice of bypassing the formal banking system in favour of cash-based transactions, particularly among some business groups.<\/p>\n<p>\u201cUnfortunately for our brothers and sisters in GUTA and the rest, they prefer to transact in cash. They don\u2019t want to use the banking system because when you do that, government can track the value of your import, so you pay the appropriate taxes,\u201d he pointed out.<\/p>\n<p><iframe width=\"800\" height=\"500\" src=\"https:\/\/www.youtube.com\/embed\/6p8Un4-Tqrw?si=vDFv9W5wtLYjGwO9\" title=\"YouTube video player\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<p>He accused some traders of using the black market to under-invoice goods, thereby evading taxes and distorting the forex market.<\/p>\n<p>\u201cThey prefer to deal in the black market, in physical cash, where issues of under-invoicing and tax avoidance can happen. That is the problem,\u201d Prof Quartey argued.<\/p>\n<p><strong>Call for a Cashless Approach<\/strong><\/p>\n<p>Prof Quartey also warned of the risks associated with large cash transactions, urging the public to embrace digital payments and the formal financial system for foreign exchange dealings.<\/p>\n<p>\u201cLet\u2019s educate our people to use the banking system. We are saying we are moving cashless, and yet you want to trade in forex and take huge sums of physical cash with you\u2014it is not safe,\u201d he cautioned.<\/p>\n<p>He reiterated his position, stating emphatically: \u201cI don\u2019t think there is a shortage of forex in the market.\u201d<\/p>\n<p>Prof Quartey\u2019s comments come amid growing debate over Ghana\u2019s forex market, with stakeholders calling for greater transparency and reform to reduce black market activity.<\/p>\n<\/p>\n<\/div>\n        <div class=\"booster-block booster-reactions-block\">\n            <div class=\"twp-reactions-icons\">\n                \n                <div class=\"twp-reacts-wrap\">\n                    <a react-data=\"be-react-1\" post-id=\"77726\" class=\"be-face-icons un-reacted\" href=\"javascript:void(0)\">\n                        <img decoding=\"async\" src=\"https:\/\/sotnews.agency\/wp-content\/plugins\/booster-extension\/\/assets\/icon\/happy.svg\" alt=\"Happy\">\n                    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class=\"twp-reacts-wrap\">\n                    <a react-data=\"be-react-5\" post-id=\"77726\" class=\"be-face-icons un-reacted\" href=\"javascript:void(0)\">\n                        <img decoding=\"async\" src=\"https:\/\/sotnews.agency\/wp-content\/plugins\/booster-extension\/\/assets\/icon\/surprise.svg\" alt=\"Surprise\">\n                    <\/a>\n                    <div class=\"twp-reaction-title\">Surprise<\/div>\n                    <div class=\"twp-count-percent\">\n                                                    <span style=\"display: none;\" class=\"twp-react-count\">0<\/span>\n                                                                        <span class=\"twp-react-percent\"><span>0<\/span> %<\/span>\n                                            <\/div>\n                <\/div>\n\n            <\/div>\n        <\/div>\n\n    ","protected":false},"excerpt":{"rendered":"<div><img width=\"150\" height=\"150\" src=\"https:\/\/www.myjoyonline.com\/wp-content\/uploads\/2024\/02\/image-15-150x150.png\" class=\"attachment-thumbnail size-thumbnail wp-post-image\" alt=\"Prof Peter Quartey dismisses claims of US dollar shortage in Ghana's banking sector\" decoding=\"async\" title=\"Prof Peter Quartey dismisses claims of US dollar shortage in Ghana's banking sector\">The Director of the Institute of Statistical, Social and Economic Research (ISSER), Professor Peter Quartey, has dismissed claims of a shortage of US dollars in the country, following concerns raised by some exporters and importers.<\/div>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"facebook_2277560469115098_106292521332774":"","twitter_aToxNzczMzI3Njk4OTg4ODUxMjAxOw==_1773327698988851200":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-77726","post","type-post","status-publish","format-standard","hentry","category-blog"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/posts\/77726","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=77726"}],"version-history":[{"count":0,"href":"https:\/\/sotnews.agency\/index.php?rest_route=\/wp\/v2\/posts\/77726\/revisions"}],"wp:attachment":[{"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=77726"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=77726"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sotnews.agency\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=77726"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}