Investment Times

The Managing Director and Chief Executive of FirstBank Ghana, Victor Yaw Asante, has dismissed allegations suggesting that certain banks are involved in activities exacerbating the existing pressures on the cedi. Mr. Asante asserted that it would pose significant challenges for banks to partake in activities that contravene forex regulations. He elaborated that the Bank of Ghana has implemented punitive measures specifically aimed at discouraging banks from attempting to violate forex regulations.  “It is now very expensive to hold dollars if you don’t actually need it”, he said. He revealed that FirstBank for instance, goes to the Bank of Ghana to...