Commercial banks in Ghana may soon refuse certain foreign currency deposits. Dr. Gideon Boako, a Member of Parliament on the Finance Committee, issued this warning. Individuals holding dollars should consider depositing them quickly. The potential change could begin as early as next month.
This decision stems from broader financial sector challenges. Recent policy adjustments by the Bank of Ghana are a key factor. The central bank revised the cash reserve ratio for foreign deposits. This means banks must hold more foreign currency in reserve. Dr. Boako stated his comments aim to inform, not alarm.
The Ghanaian economy faces ongoing foreign exchange pressures. The cedi has experienced significant depreciation against major currencies. This trend impacts import costs and overall inflation. The Bank of Ghana has implemented several measures to stabilize the cedi. These include tightening monetary policy. Dr. Boako's warning suggests these measures could have unintended consequences for depositors.
Dr. Boako is the Deputy Ranking Member on Parliament’s Finance Committee. He serves as the Member of Parliament for Tano North. He did not specify which deposit types might be affected. No official directive to banks has been confirmed. However, his position lends weight to the warning. His comments were made via a Facebook post on May 21.
This situation could affect individuals and businesses with significant foreign currency holdings. It might also signal further attempts by the authorities to manage foreign exchange inflows. Depositors should consult their banks for the latest information. The implications could include difficulty in depositing or withdrawing foreign cash. This highlights the dynamic nature of Ghana's currency policy environment. Further clarity is expected from the Bank of Ghana or commercial banks. The timing of these potential rejections is set for the coming month.