In an effort to slow the depreciation of the cedi, Isaac Adongo, a board member of the Bank of Ghana (BoG), has revealed intentions to tighten regulations on over-the-counter withdrawals of US dollars from financial institutions.
Although there are now some dollar withdrawals that can be justified under current restrictions, the central bank will shortly impose an almost complete ban with few exceptions.
In an interview with Joy News Evans Mensah, the Bolgatanga Central MP explained, "If you put your dollars in the bank account, it is okay.
We are happy with that; you can only get dollars if indeed you are going to use them for a dollar-denominated transaction." "The Central Bank's role includes regulating the use of our legal tender.
