A communications specialist, Kathleen Addy is demanding that persons who contributed to the earlier measures introduced by the Bank of Ghana (BoG) aimed at sustaining the economy must be punished.<\/p>\n
According to her, the revision of the measures by the central bank can be classified as a \u201ccall back of some sort\u201d and so \u201cheads must roll because somebody did the wrong thing.\u201d<\/p>\n
\u201cSomebody must pay severely for dealing this fatal damaging blow to the economy,\u201d she insisted.<\/p>\n
The BoG in February instituted some measures to reduce the dollarization of the economy.<\/p>\n
The new measures faced stiff opposition as some considered them as harsh and had the high possibility of further hurting the economy.<\/p>\n
They called for a review of the measures and this call was recommended in the Senchi Consensus after the National Economic Forum.<\/p>\n
The central bank subsequently announced a review of the measures and relaxed some of its Forex rules last Friday.<\/p>\n
Speaking on Citi FM\u2019s The Big Issue<\/em><\/strong>, Addy alleged that the harsh measures pushed businesses and individuals to open dollar accounts in neighbouring countries and also causing high patronage in the black market in Ghana.<\/p>\n \u201cWhat I know for a fact is that people are now quietly going to neighbouring countries and opening their dollar accounts there\u2026the financial institutions are bitterly complaining\u2026the black market is booming,\u201d she said.<\/p>\n She questioned why the managers of the economy did not foresee the dangers of the measures they instituted.<\/p>\n She recalled that opening up and formalization of Forex business in Ghana brought about a sharp decline in black market trading but the arbitrary reversal of the existing policy of Forex transactions has caused more harm than good.\u201d<\/p>\n <\/p>\n By: Efua Idan Osam\/citifmonline.com\/Ghana
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