The Bank of Ghana (BoG) has urged the general public to disregard reports suggesting that it is set to slap restrictions on holders of foreign exchange accounts (FEA) and foreign currency accounts (FCA) in a bid to curb the rapid depreciation of the cedi.
The BoG tweeted on Thursday (27 October 2022) that the said reports are “false and should be disregarded.”
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.
Public Notice: This message circulating on social media should be disregarded. The message is false and the Bank of Ghana cautions against such reportage. pic.twitter.com/yZZ3J4EsN4— Bank of Ghana (@thebankofghana) October 27, 2022
However, the BoG said 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 Ghana.
The move is to streamline, sanitise and provide clarity on the supply of foreign exchange in the country.
Accordingly, it gave assurance to 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.
Source: Daily Mail GH