Ignore speculations about dollar account withdrawals – BoG

The Bank of Ghana (BoG) has urged the general public to disregard reports suggesting that it is set to slap serious restrictions on holders of Foreign Exchange Accounts (FEA) and Foreign Currency Accounts (FCA) in a bid to curb the rapid depreciation of the cedi. In a statement released on social networking site, Twitter, on Thursday, October 27, 2022, the BoG said the reports are “false and should be disregarded.” Reports were rife on social media platforms that the BoG has imposed new controls on the movement of foreign currencies in the country in a move meant to tackle the downward spiral of the cedi. However, the Central Bank says such reports are untrue cautioning against false reportage. In a related development, the BoG engaged the Association of Bankers and Forex Bureau Operators on Tuesday as it put measures in place to control forex circulation in the country. The move is to streamline, sanitize and provide clarity on the supply of foreign exchange in the country. Accordingly, it assured stakeholders that appropriate measures are being rolled out to restore order in the forex market by making sure the interbank market takes full control of the forex market to enforce regulations surrounding forex trading in the country.