Association of Banks probes delays in dollar transactions amid rising complaints
The Ghana Association of Banks (GAB) has initiated investigations into growing concerns over delays in foreign currency transactions, following increasing complaints from customers struggling to access United States dollars for legitimate business and personal transfers.
The move comes in response to what the Association describes as persistent public feedback suggesting a disconnect between official assurances from banks and the experiences of clients on the ground.
Chief Executive Officer of GAB, Mr. John Awuah, confirmed in an interview that several customers have raised concerns in recent weeks over difficulties in executing foreign exchange (FX) transactions.
However, preliminary checks with member banks suggest that FX remains available, and that transfers are being processed without hitches when documentation requirements are met.
“We started picking up feeds about a week ago that customers have begun complaining about delays when they initiate transfer requests. Sometimes the delays could be attributed to the availability of FX. We have taken steps; we are collecting data. In the next few days, we will come out clearly on what the key issues are,” Mr. Awuah stated.
He explained that although a number of banks maintain that operations are running smoothly, the volume of complaints suggests otherwise. This has prompted the Association to launch a full-scale probe. The objective, he said, is to determine whether there are genuine challenges with FX availability or if other operational bottlenecks are to blame.
“I have spoken to the banks. Many of them insist that there is no problem, and that as long as the right documentation is provided, transactions go through. Unfortunately, the complaints have not stopped. Even today, we received more concerns asking what is happening. It is a matter we are taking seriously and will definitely investigate,” he added.
The Association is currently collecting transaction data across the banking sector and consulting closely with its member institutions to assess the scope and nature of any disruptions in dollar supply.
Meanwhile, the Bank of Ghana (BoG) has also responded to the concerns, assuring the business community and the general public of the adequate availability of foreign exchange for legitimate needs.
The central bank has encouraged all stakeholders to remain calm and noted that it is conducting its own assessment of the situation.
