Gideon Boako, the Deputy Ranking Member on Parliament’s Finance Committee, has warned that some commercial banks in Ghana may soon begin rejecting certain foreign exchange deposits, urging individuals holding U.S. dollars to deposit them before potential restrictions take effect.
In a Facebook post on Thursday, May 21, the Tano North Member of Parliament cautioned the public to act quickly if they intended to deposit foreign currency into the banking system.
“Hear me clearly: starting next month, commercial banks may begin rejecting certain foreign exchange deposits. If you have dollars you intend to deposit, it may be wise to do so now. Otherwise, you could risk losing that opportunity later,” he wrote.
The lawmaker linked the possible development to growing pressures within the financial sector following recent measures introduced by the governing National Democratic Congress (NDC) administration and the Bank of Ghana’s revised cash reserve ratio policy on foreign currency deposits.
According to Boako, the comments were intended to draw attention to what he described as emerging systemic risks within the economy and not to create fear or panic among the public.
He, however, stopped short of providing details on which categories of foreign exchange deposits could be affected. He also did not indicate whether any formal directive had been issued by the Bank of Ghana or commercial banks regarding the alleged restrictions.
The Bank of Ghana is yet to officially respond to the claims or announce any policy that would restrict foreign currency deposits in commercial banks.