The Bank of Ghana is set to restrict over-the-counter US dollar withdrawals, according to board member and Finance Committee Chair, Isaac Adongo. The move is part of efforts to reduce speculation and stabilise the cedi.
Mr. Adongo stated that only customers making legitimate foreign payments will be allowed to access dollar deposits. Banks that defy the policy, he warned, will face sanctions.
However, the Ghana Association of Bankers says it has not received any formal directive. CEO John Awuah emphasised that banks only act on official instructions from the central bank.
Banking expert Dr. Daniel Seddoh also criticised the timing of the move, saying it could hurt confidence in the financial system.
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