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Opening new dollar accounts is still permitted, according to BoG.

 

Opening new dollar accounts is still permitted, according to BoG.

Sources at the Bank of Ghana (BoG) have refuted claims made in a segment of the Ghanaian media that a restriction on the establishment of new dollar accounts is one of the measures being taken to stop the depreciation of the Ghanaian Cedi.


When 3news.com phoned to verify the reports, a source responded, "No such decision has been made by the Bank of Ghana."

The source further stated, "Such reports are false."

Additionally, according to a tweet from the Central Bank, "the Bank of Ghana has not issued any direction to local banks to restrict the establishment of new dollar accounts."

In a previous statement, the regulator urged restraint as it adopted measures to address the Cedi's demise.

The BoG has determined five major causes of the local currency's problems.

The US dollar's strength, investor response to a credit rating downgrade, non-rollover of maturing bonds, the steep increase in crude oil prices and their effect on the oil bill, and the loss of external financing are these.

"Gold Purchase Program to increase foreign exchange reserves; Special Foreign Exchange Auction for the Bulk Distribution Companies (BDCs) to help with the importation of petroleum products; Bank of Ghana is entering into a cooperation agreement with the mining companies to provide BOG with the opportunity to buy gold as it becomes available," are the measures put in place to address these, according to the BoG.

"To help fulfill the demand for external payments, the Bank of Ghana is providing the banking sector with foreign currency liquidity. Once paid out, the recently approved USD 750,000,000 Afriexim credit facility by Parliament will improve the nation's foreign exchange situation and support trust building.



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