Ignore Speculations About Dollar Account Withdrawals – BoG | Business News

The Bank of Ghana (BoG) has urged most people to ignore stories suggesting that it's set to slap severe restrictions on holders of Foreign Exchange Accounts (FEA) and Foreign Currency Accounts (FCA) in a bid to curb the speedy depreciation of the cedi.

In an announcement launched on the social networking web site, Twitter, on Thursday, October 27, 2022, the BoG mentioned the stories are “false and should be disregarded.”

Reports have been rife on social media platforms that the BoG has imposed new controls on the motion of foreign currency echange within the nation in a transfer meant to sort out the downward spiral of the cedi.

However, the Central Bank says such stories are unfaithful cautioning in opposition to false reporting.

In a associated improvement, the BoG engaged the Association of Bankers and Forex Bureau Operators on Tuesday because it put measures in place to manage foreign exchange circulation within the nation.

The transfer is to streamline, sanitize and supply readability on the provision of overseas change within the nation.

Accordingly, it assured stakeholders that acceptable measures are being rolled out to revive order within the foreign exchange market by ensuring the interbank market takes full management of the foreign exchange market to implement laws surrounding foreign currency trading within the nation.