Astute businessman, Nana Kwabena Dwomoh Sarpong, has picked issues with the Bank of Ghana (BoG) in connection with some of the directives it issues to various banks.
According to him, the directive that a third party could not withdraw a cheque with a face value of GHC5, 000 or US$2400 was not a good one.
�The directive may have some good thing in there, its implementation was not done properly by the Bank of Ghana,� he said.
Nana Sarpong was of the view that that particular directive has the tendency of dissuading people from saving with the various banks.
�Now with that directive, various CEOs and account holders must get up from their work places to move to banks to cash money for various transactions,� he said.
Nana Sarpong, who was expressing his view on the directive, said that the BoG should have embarked on broader consultation before coming out with the directive.
In an interview with The Enquirer via mobile phone yesterday, he said that it is extremely important on the part of BoG not to impose things that would destroy the saving culture in the country into the banking system.
�we all know what happens to borrowing and the kind of interest rates that has to be paid when people are not depositing cash with the banks,� he said.
He said: �the banks will always accept the directives from the BoG as the regulator but at the long run, some of the directives will not help customers and what it means is that it will hurt the economy.�
Nana Sarpong told The Enquirer that the BoG has not done enough towards the cashless economy that it intends to have.
�The countries that the BoG is using as reference points did not start in the manner BoG is moving towards and that is very risky,� he said.
�Disallowing third party to cash GHC 5,000 or more is just like disallowing a third party to cash $2,400 and we all know it is not done anywhere,� he said.
Nana Dwomoh told The Enquirer that when the issue of foreign accounts came up, there were lots of complaints but the BoG did not listen.
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