• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business

President Mahama Flags $42bn Suspicious Import Outflows Through Banks

1 month ago
in Business, Features, highlights, Home, home-news, latest News
1 min read
0 0
0
666
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

President Mahama Flags $42bn Suspicious Import Outflows Through Banks

President John Dramani Mahama has revealed that more than $42bn exited the country over the past four years through payments for imports that never arrived, warning of large-scale abuse of the foreign exchange system at a time of renewed strain on the cedi.

Speaking at a media encounter at Jubilee House on Wednesday, Mahama said investigations revealed a pattern in which companies secured foreign exchange from commercial banks ostensibly to pay for goods, but failed to deliver them into Ghana. “Over the period of four years, about $42bn was taken out of this country without the corresponding imports,” he said. He added that some banks had already been sanctioned and that individuals would soon be interrogated, with the prospect of further penalties if wrongdoing was confirmed.

The remarks come against a backdrop of heightened volatility in the cedi, which has swung sharply against the US dollar in recent months. Mahama noted that while the currency had appreciated strongly earlier this year, the move produced distortions. Importers took advantage of cheaper dollars, fuelling an exponential rise in imports, while exporters saw reduced earnings in local currency terms. At the same time, remittance inflows fell by about 50 per cent, as diaspora Ghanaians delayed sending funds in expectation that the cedi’s strength would reverse.

Mahama also pointed to irregularities in the activities of money transfer companies, which he said collected dollars abroad but failed to repatriate them into the country.

In a bid to restore balance, the president confirmed that the Bank of Ghana had halted its interventions in the foreign exchange market, allowing the cedi to adjust naturally after a period of steep depreciation. He forecast that the currency would settle at a sustainable level, with any further weakening capped at about 5 per cent annually.

“A strong cedi is good for all of us,” Mahama said, underscoring the need to safeguard Ghana’s currency as the government works to stabilise the economy.

RelatedPosts

Global Shipping Emissions Deal Sinks After Last-Minute Collapse

Silver Price Falls More Than 6% as Precious Metals Retreat

President Mahama to Launch $1.5bn Special Economic Zone, Expected to Create 60,000 Jobs

Tags: $42bn Suspicious Import OutflowsPresident MahamaPresident Mahama Flags $42bn Suspicious Import Outflows as Cedi Stabilises

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

No Result
View All Result

Highlights

Ghana’s Oil Revenues Under Pressure: NorvanReports Xspace to Probe Whether Petroleum Can Still Power Development

Ghana Unveils 500,000-Job Plan Through Expansion of Economic Crops

GPL: Medeama and Samartex share spoils in Tarkwa thriller as Dreams FC secure first win of the season

Premier League: Postecoglou Sacked After Forest Defeat; Arsenal Stays Top with Win at Fulham

Verstappen Clinches Pole Position for US Grand Prix in Austin

Let’s Collaborate to Exploit Full Potential of AfCFTA – Mahama to Grenada PM

Trending

Business

Global Shipping Emissions Deal Sinks After Last-Minute Collapse

October 19, 2025

Global Shipping Emissions Deal Sinks After Last-Minute Collapse A decade-long effort to make the shipping industry the...

Silver Price Falls More Than 6% as Precious Metals Retreat

October 19, 2025

President Mahama to Launch $1.5bn Special Economic Zone, Expected to Create 60,000 Jobs

October 19, 2025

Ghana’s Oil Revenues Under Pressure: NorvanReports Xspace to Probe Whether Petroleum Can Still Power Development

October 19, 2025

Ghana Unveils 500,000-Job Plan Through Expansion of Economic Crops

October 19, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.