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May 21, 2026
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Gideon Boako says banks could restrict certain forex deposits from next month
Money
Policy
Growth
Key Points
- Gideon Boako, a deputy ranking member on Ghana's parliamentary Finance Committee, warned that commercial banks might soon begin rejecting certain foreign exchange deposits.
- He urged individuals holding U.S. dollars to deposit them promptly before potential restrictions take effect, possibly starting next month.
- Boako linked this development to broader financial sector pressures, including recent policy measures by the NDC government and the Bank of Ghana's revision of the cash reserve ratio on foreign currency deposits.
- He stated his intention was to highlight mounting systemic risks in the economy rather than to cause public panic.
- The lawmaker did not specify which categories of foreign exchange deposits might be affected or if any formal directives had been issued by regulators or banks.
Why This Matters
Potential restrictions on foreign exchange deposits are highly significant for Ghana as they could impact individuals' ability to save, businesses' operations, and foreign investment. This development signals underlying economic instability and challenges with foreign exchange liquidity, potentially eroding public confidence in the banking system and the broader economy.
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