PAC Questions Effectiveness of Bank of Ghana’s  Policy on Dollarization of the Economy

The Public Accounts Committee of Parliament has questioned the effectiveness of the Bank of Ghana’s policy on the Dollarization of the economy. 

Members of the Committee say it is ironical that the Bank continues to make payments to some companies in dollars while it treats others differently. 

The preferential treatment, the members considered a disincentive to people to obey the Bank’s directive on the use of foreign currencies. 

These came to light when the Bank of Ghana, the Ministry of Finance and the Controller and Accountant General’s Department appeared before the Public Accounts Committee. 

The encounter was to consider the reports of the Auditor General on the statement of foreign exchange receipts and payments of the Bank of Ghana for the half-year ended 31st December 2012. 

The Head of Treasury at the Bank of Ghana, Yaw Akpaloo explains why the Bank pays some companies in dollars.

GBC