Bank Of Ghana Bans Opening Of New Dollar Accounts

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The Ghana Cedi has so far dropped by a whopping 47.10% against the US dollar since the start of the year. Since January, the cedi has rapidly depreciated against the US dollar, making it the world’s second-worst performing currency after the Sri Lankan rupee.

The Bank of Ghana(BoG) has in a last-ditch desperate measure halted local banks from opening of new dollar accounts for customers without written express permission from the Central Bank.

Banking insiders told the media on strict condition of anonymity that the Central Bank has issued a fiat against the opening of new foreign currency accounts for individuals and even additional account for businesses without prior written permission and approval obtained from the Central Bank.

An official release by the Bank of Ghana outlining measures it was taken to arrest the free fall of the Cedi did not mention this particular measure.

It was gathered the banks received the notice earlier from the Central Bank and were ordered to strictly comply.

There has been a rise in the opening of Dollar and other foreign exchange accounts by individuals who want to take advantage of the weakening of the Cedi against the dollar and other major world currencies over the past couple of months.

The Ghana Cedi has so far dropped by a whopping 47.10% against the US dollar since the start of the year. Since January, the cedi has rapidly depreciated against the US dollar, making it the world’s second-worst performing currency after the Sri Lankan rupee.

Also, Ghana’s inflation advanced faster than projected in July, as the value of the cedi fell, raising the cost of imported products such as cooking oil and gasoline.

Some of the earlier measures the Bank of Ghana announced has largely been ignored by the public.

For example, the Bank of Ghana authorities sometime ago said the use of foreign currencies to transact businesses in the country, including the pricing of goods and services, would no longer be permitted. To date, the practice continues unabated.

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