When river flow strong, e take everything go, but when e rough, e show e real power. If you no sabi, ask person wey sabi.
De wahala wey dey happen between Bank of Ghana (BoG) published dollar exchange rate and wetin people dey observe for market, especially for commercial banks, don raise serious concern about the trust wey dey for our financial system. Dis matter don get plenty effects on businesses, individuals, and the whole economy.
De exchange rate wey BoG dey publish dey lower pass wetin commercial banks and other financial institutions dey use. Dis kind thing don make people dey wonder if BoG dey show correct rate or if dem dey manipulate am. Some don dey talk say BoG fit dey play nyash with the exchange rate to make Ghana’s debt-to-GDP ratio look better, since e dey partly in foreign currency.
De reasons wey cause dis wahala no dey straightforward, e dey plenty. De method wey BoG dey use to set de exchange rate no clear, so e dey hard for people to sabi how dem take reach dat rate dey don publish. Plus, BoG fit dey manipulate the exchange rate to pursue some economic goals, like reducing de debt-to-GDP ratio. Market factors like supply and demand fit still dey play their role for de exchange rate.
De effects of dis wahala dey serious and e dey touch many people. Businesses fit dey struggle to collect dollars for de official rate, forcing dem to look for other sources like the black market wey go cost dem more. Dis one fit lead to loss of tax revenue for government, because businesses go dey depend on high, unofficial exchange rates. The whole discrepancy dey affect the trust wey dey for the foreign exchange market, making am hard for businesses and individuals to understand the true cost of their transactions. Also, some businesses fit use this chance to set exchange rates anyhow for their dealings.
To fix dis matter, de government and BoG gatz work together well. First, BoG suppose show how dem dey calculate de exchange rate and dey provide regular updates on de foreign exchange market to make everything clear. De government suppose hold accountable those wey dey manipulate de exchange rate or dey engage in unfair practices. BoG self suppose ensure say commercial banks dey open with their foreign exchange dealings and dey follow fair practices. De government also gatz promote fair practices for de foreign exchange market, so businesses and individuals fit access foreign exchange at fair rates.
The government need to take action against those wey dey manipulate the exchange rate or dey do any kind unfair dealings. This fit include investigating any allegations of exchange rate manipulation and putting penalties on those wey dey guilty. Them fit also change the rules to promote clarity and responsibility for the foreign exchange market.
Na final say, de gap wey dey between BoG published exchange rate and wetin dey happen for market na serious issue wey need quick attention. The government and BoG for join hands to promote clarity, responsibility, and fair practices for de foreign exchange market. If dem fit do dis, Ghanaians go enjoy fair and transparent foreign exchange market wey go support economic growth and development. Everybody must dey involved, BoG, GoG, all Media houses, Law enforcement agencies, all Ghana people wey get good intention must dey involved for dis fight.
All Ghana people need dis tin so dat we fit all benefit.
Only if we all work together, we fit build foreign exchange market wey go dey fair, clear, and benefit everybody wey dey involved.
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DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
