Ghanaians were reminded about some knee-jerk fiscal measures taken by the PNDC junta last week.
Isaac Adongo, the Bolga Central MP and now a member of the Bank Of Ghana Board gave a hint about how dollar accounts holders will soon no longer just walk in and demand withdrawals.
Such withdrawals he hinted would be hinged upon new protocols.
According to him arrangements are on to alter the existing protocols so account holders will be given cedi equivalent if their stated transactions are local.
The scare in Ghanaians especially those who witnessed the confiscation of monies of a certain quantum by the PNDC junta was understandable. At the time Ghanaians woke up to the unexpected announcement that holders of accounts with monies exceeding a certain level could no longer withdraw same.
Is the resetting agenda going to revisit those dark days?
Isaac Adongo who took up the responsibility of the Governor of the apex bank to speak about the subject crossed the red line of board membership.
Board membership of such critical institution such as the Bank Of Ghana requires of members to be mindful about their public conversations.
Perhaps we are learning as a people about the importance of educating new board members on corporate governorship protocols under the circumstances.
Which board member worth his salt engages the media about such day-to-day to issues which falls outside their purviews?
Propaganda when mishandled can be dangerous as evidenced by the loud mouth of Isaac Adongo.
The panic in the financial community after the unguarded discourse by Isaac Adongo is understandable.
We wonder what his colleagues on the board including the Governor would be thinking about him after this dangerous damage.
For a political party with a record of so-called revolutionary actions and after Isaac Adongo’s hint about other measures coming from the apex bank must be forceful in its denial.
We are especially interested in other measures yet to be announced so the fear and panic caused by Isaac Adongo can give way to hope and confidence.
Is the apex bank’s intervention a mere smokescreen and that Isaac Adongo’s announcement is the truth?
The public needs convincing before an overrun of dollar accounts by holders of such monies.
The Bank of Ghana must engage in an extensive explanation with a view to convincing the financial community that indeed that there is nothing untoward being planned that would distance them from their dollar accounts. That existing protocols would not vary now or in the future is something account holders and the financial community should be convinced about.
Confidence by the public about the safety of their dollar accounts has endured a jolt from the Isaac Adongo announcement.
“If you put your dollars in the bank account, it is okay. We are happy with that”, Adongo said.
“You can only get dollars if indeed you are going to use them for a dollar-denominated transaction” he added.
The Bank of Ghana’s reaction was a blow to the board member who should bow his head in shame.
“Over the counter cash withdrawals in foreign currency from foreign exchange accounts are allowed.
“The Bank has not contemplated reviewing these existing measures”.
Such embarrassing developments.
