Commercial banks in Ghana may soon begin rejecting certain foreign exchange deposits, a development that could impact individuals holding dollars. Dr. Gideon Boako, Deputy Ranking Member on Parliament’s Finance Committee and Member of Parliament for Tano North, issued this warning on Thursday, May 21, advising citizens to deposit their foreign currency promptly before potential restrictions take effect.
Context of Financial Policy Shifts
This potential change in banking policy is linked to recent financial sector challenges and policy decisions by the governing National Democratic Congress (NDC). Specifically, the Bank of Ghana has revised the cash reserve ratio on foreign deposits. This move is seen by some as a measure to manage liquidity and stabilize the local currency.
MP Cautions Public on Forex Deposits
Dr. Boako took to Facebook to share his concerns, stating,
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