BoG Says No Restriction Will Be Impose On Dollar Account Holders

The Bank of Ghana (BoG) has cautioned media outlets against the reportage that dollar account holders will receive cedi equivalent at the Central Bank’s rate during withdrawals.

In a social media post, the BoG said the news is “fake” and must be disregarded.

A section of the media yesterday reported that the President would announce restrictions on Foreign Exchange Account (FEA) and Foreign Currency Account (FCA) holders to stabilise the cedi.

Among the restrictions, the “fake” reports said is to “give FEA and FCA holders the Cedi equivalents of whatever amount they are withdrawing at a rate fixed by the Bank of Ghana”.

It reported that the restriction will affect Euro, Pounds Sterling, Yuan, CFA and other major trading currencies.

MyNewsGh.com which cites “sources” for the “fake” news added that “further restrictions will reportedly cover Transfers from one foreign account to another and anybody seeking to transfer foreign currency outside Ghana would have to be run through the bureaucracy. The source says this particular one is an existing regulation that lacks enforcement and will now be enforced”.

In a public notice, the BoG said the message circulating on social media is “false”.

“This message circulating on social media should be disregarded”, it noted and added, “the message is false and the Bank of Ghana cautions against such reportage”.

The “false” news began to circulate after reports that the President will address the nation on Sunday, October 30, 2022, on the economy.

Source: opemsuo.com/Hajara Fuseini