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Bank of Ghana prepared to tackle cross-border illegal transfers – Governor Addison

Governor of the Bank of Ghana (BoG), Dr. Ernest Addison, has called upon state security agencies to collaborate with the bank in addressing reports of illicit cross-border transfers.

Governor of the Bank of Ghana (BoG), Dr. Ernest Addison, has called upon state security agencies to collaborate with the bank in addressing reports of illicit cross-border transfers.

During the 117th Monetary Policy Committee (MPC) press conference held in Accra on Monday, March 25, Dr. Addison emphasized the seriousness with which the Bank views rumors of these unauthorized transfers, especially to countries like Nigeria.

Responding to queries regarding alleged unlawful transfers from Ghana to Nigeria, Dr. Addison highlighted Nigeria’s ongoing challenges related to its currency, the Naira. He drew parallels between Nigeria’s current situation and Ghana’s experience in 2022 when the Cedi faced persistent depreciation amid rising inflation.

Recent reports by Reuters detailed Nigeria’s Naira reaching record intra-day lows against the dollar, following a devaluation—its second within a year. The central bank’s efforts to improve liquidity saw significant inflows, and measures were implemented to attract investors and stabilize the exchange rate.

Dr. Addison underscored Nigeria’s economic challenges, including currency depreciation and increased living costs due to the removal of subsidies on petrol. He likened Nigeria’s current predicament to Ghana’s in 2022, emphasizing the importance of implementing corrective measures to manage fiscal policies effectively and maintain price stability.

In light of these challenges, Dr. Addison emphasized the need for central banks to focus on their primary mandates and avoid using resources for non-core functions. He expressed confidence that Nigeria’s efforts to refocus on its primary mandate and manage liquidity in the economy would contribute to stability and sustainable growth.