Afua Bulley proposes measures to facilitate business
The Head of Global Markets, Corporate and Investment Banking of Stanbic Bank Ghana, Afua Bulley, has said that the artificial shortage of foreign exchange, particularly the dollar, in the market can be attributed to the absence of the requisite documents from clients to the banks for the foreign exchange transaction to be effected.
She also blamed the situation on the many duties, charges and taxes that importers paid at the ports which made them resort to the ‘black market’ to get foreign exchange.
To address the situation, Ms Bulley called for a reduction in charges at the ports to make importers confident of paying and not avoid the charges.
She also called for further education and enlightenment to make it easier for clients to acquire the requisite documentation to buy foreign exchange at the banks.
“A more efficient port system would not only curb tax evasion but also make Ghana a more attractive destination for international trade,” she noted.
She said this in an exclusive interview with the Graphic Business on the sidelines of the quarterly Graphic Business-Stanbic Bank Breakfast Meeting at the Labadi Beach Hotel in Accra.
Support
Ms Bulley also called for targeted support for small and medium-sized enterprises (SMEs), which formed a significant portion of the country’s import sector.
She also proposed that banks and regulatory bodies worked together to provide tailored financial products and simplified compliance procedures to help SMEs navigate the foreign exchange market legally.
“Empowering SMEs with the right tools and knowledge will reduce their reliance on informal markets and contribute to economic growth,” Ms Bulley added.
Structural change
She also stressed the need for a structural change in the economy to complement the recent upsurge and appreciation of the national currency, including the de-dollarisation of the national economy.
“The recent upsurge in the cedi’s value is a positive step, but it must be complemented by deliberate structural reforms to ensure long-term stability,” Ms Bulley said.
She also called for leveraging technology to improve transparency in trade finance, highlighting Stanbic Bank’s ongoing efforts to introduce digital platforms that made it easier for clients to access foreign exchange in line with regulatory requirements.
Ms Bulley urged policymakers to align regulations with technological advancements to create a more seamless and competitive business environment.
Commitment
She reaffirmed her outfit’s commitment to supporting initiatives that promoted financial inclusion and economic resilience, emphasising the bank’s role in providing innovative solutions to meet the needs of businesses navigating the nation’s complex economic landscape.
Ms Bulley urged the government to make it easier for importers by simplifying their documentation, and making it easier for them to approach the banks to buy foreign exchange.
“These measures, if adopted, could significantly curb tax evasion, weaken black market activities, and foster a more transparent and robust economic environment,” she added.
