The Bank of Ghana (BoG) has urged the general public to disregard reports suggesting that it is about to impose restrictions on holders of foreign exchange accounts (FEAs) and foreign currency accounts (FCAs) in an attempt to curb the rapid depreciation of the cedi.
The BoG tweeted on Thursday (27 October 2022) that the 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 currency in the country, in a move meant to address the fall of the cedi.
However, the BoG said reports of this kind are untrue and it cautioned against false reportage.
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
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.
The Bank gave its 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 by enforcing regulations surrounding forex trading in Ghana.
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