BoG Denies Attempts To Close Down Foreign Deposit Accounts

The Bank of Ghana has denied reports that it intends to close down foreign accounts as a measure to halt the free fall of the cedi. There were reports in the media that the central bank was of the view that closing down such accounts will reduce the pressure on the local currency. But in a statement released on Monday, the BoG said “the Bank of Ghana’s attention has been drawn to media reports being attributed to the Bank that it is planning on closing all foreign deposit accounts and has instructed that a 2% per annum charge be levied on all foreign deposit accounts in the banks.” The statement said “the general public and all stakeholders are assured that the Bank of Ghana has not taken any such decision.” According to the statement, the recent policy measures taken by the Bank are intended to make Cedi assets more attractive to hold. It added that the measures taken so far to boost the cedi “are beginning to have the desired effect on the Cedi.” “The Bank of Ghana therefore wishes to assure the general public and all stakeholders that it is committed to ensuring the stability of the Cedi,” the bank assured.