Stanbic Schools Clients On New BoG Directives

Stanbic BossStanbic Bank Ghana Limited has organised a breakfast meeting for its corporate and investment clients to explain to them the new Bank of Ghana (BoG) regulations.

The BoG, has introduced new foreign exchange regulations to shore up the cedi against its major foreign currencies such as the dollar.

The BoG directed that all transactions should be conducted in cedis, commercial banks and financial houses should desist from issuing cheques and check books on foreign exchange accounts (FEAs) and foreign currency accounts (FCAs).

Speaking at the meeting in Accra, the Head of Corporate Banking at Stanbic Ghana, Mrs Sylvia Inkoom, said the programme was meant to interact with the corporate and investment clients and seek their views and concerns on the new regulations by the BoG.

“We have met you our clients to seek their concerns on the new BoG directives and provide them with further information to clarify the areas they have problems with the new regulations,’’ she said.

Mrs Inkoom entreated clients whose companies were under exemptions to provide the banks with documents on the exemptions.

Asked about the prospects of the cedi against its major foreign currency, Mrs Inkoom said “the new directives by the BoG will stabilise the cedi’’.

Mr. Inusah Musah, head of Global Markets of Stanbic Bank, explaining the new BoG foreign exchange regulation and its impact on the bank’s clients, said the new regulations were meant to address the foreign currency liquidity challenges facing the country.

“The new regulations are to make foreign currencies available on the market so that your businesses could thrive,’’ he said.

Mr. Musah said the new regulations did not affect the profits of foreign companies operating in Ghana, saying ‘’you can still repatriate your profits’’.

The head of Global Markets also said foreign companies could pay their expatriate workers in foreign currencies.

Mr. Musah, however, said the new regula-tions prohibit companies and individuals from transferring money from their dollar account to third parties. The bank also organised a different section for its private banking clients.

 

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