Finally, well-meaning Ghanaians are beginning to see what we saw long time ago, and that is the Governor of the Bank of Ghana (BoG), Dr. Kofi Wampah is not fit to occupy the position of the Governor of the central bank.
When the directives on the forex, was introduced by the BoG, we wrote against it and insisted that the Governor must vacate his post, because we thought it will be counterproductive and we were vindicated, that singularly action has led to the rapid rise in the exchange rates.
When the President and his team are going round the country, enduring sleepless nights to keep hope alive, Dr. Wampah and his ilk are sitting comfortably in their offices in Accra, taking monstrous decisions.
Before any policy of such nature is introduced, it is imperative that a proper research is done, to ensure that it does not hurt the very people, it was meant to help.
The business community raised all the red flags, regarding the effect the policy was going to have on their businesses and the economy.
Dr. Wampah turned a blind eye to their cries and genuine concerns and look at where we are now, BoG has almost reversed all the directives
It is obvious that Dr. Wampah and his guys at the BoG, did not do any research and what is disheartening is that the BoG, should have known that the informal sector, most of whom are illiterates and yet engage in trade, are the people who have a quick turnover on their
They buy more foreign currency than the big businesses, who deal with letters of credit anyway. Most people in the informal sector are unbanked and prefer dealing with the black market to either buy or sell foreign currency.
Is the BoG, even monitoring to ensure that people or businesses do not charge for their services in dollars?