A member of the Bank of Ghana Board, Isaac Adongo, has revealed that the central bank has initiated measures to restrict over-the-counter US dollar withdrawals from financial institutions as part of efforts to deal with the cedi depreciation.
He said although in the past the bank allowed limited dollar withdrawals with justification, the central bank will no longer allow individuals to withdraw dollars.
The lawmaker, however, clarifies that those operating the dollar account will only be allowed to use the dollars if they are going to use them for dollar-denominated transactions.
In an interview on PM Express, he said, “If you put your dollars in the bank account, it is okay. We are happy with that; you can only get dollars if indeed you are going to use them for a dollar-denominated transaction,” he revealed.
“The central bank’s role includes regulating the use of our legal tender. When you request dollars, we’ll provide cedis instead.”
He was optimistic this will yield positive results and further help the cedi make significant gains against the dollar.
“You’ll see the results reflected in the dollar rate,” he emphasised. “We’re eliminating dollar speculation through bank accounts. Deposited dollars will only be released for legitimate foreign transactions – dollars are meant for spending abroad, not domestically.”
By: Rainbowradioonline.com/Ghana
