Bankers Urge Calm Over BoG Regulations

The Ghana Association of Bankers says it is reviewing recent measures issued by the Central Bank to stabilize the cedi to determine the immediate impact as well as any “unintended consequences”.

Last week the BoG issued guidelines that outlawed the use of foreign currency for domestic payments as well as dollar loans by domestic banks to customers who do not earn their income in foreign currency. The central bank also warned that offshore currency dealings by resident companies are “strictly prohibited”.

According to the bankers’ association, it has been working with the central bank on identifying “appropriate measures to correct and reverse the growing dollarisation of Ghana’s economy and the inherent danger to the economy it poses.”

“We would like to reassure the public especially holders of Foreign Exchange Accounts (FEA) and Foreign Currency Accounts (FCA) that balances held in these accounts remain available for all legitimate transactions abroad when backed with relevant document as well as for foreign travel,” the bankers’ association said.

The association is asking the public to submit their feedback on the new guidelines. According to the statement, such feedback will form the basis for further consultation and dialogue with the authorities in the coming days.