BoG debunks reports of placing restrictions on foreign exchange account holders
The Central Bank, has denied social media reports of slapping restrictions on holders of foreign exchange accounts (FEA) and foreign currency accounts (FCA) in a move to halt the fast depreciating cedi.
Taking to its official Twitter page on Thursday, October 27, the apex bank described as “false” the social media reports of placing restrictions on foreign exchange accounts.
Reports were rife on social media platforms that the central bank has imposed new controls on the movement of foreign currencies in the country in a move meant to address the downward spiral of the cedi.
The cedi, since the beginning of this year has fallen in value by some 60% against the dollar, making it the world’s worst performing currency against the greenback.
At the moment, engagements between the BoG, the Ghana Association of Bankers (BoG) and the Forex Bureau Association are ongoing.
The engagement is targeted at putting in place measures to stem the depreciation of the cedi by controlling forex circulation in the country as well as the overwhelming demand for the dollar.
