A person trades U.S. {dollars} for Ghanaian cedis at a forex alternate workplace in Accra, Ghana, File. REUTERS/Francis Kokoroko
The African Coverage Lens (APL) has known as on the Financial institution of Ghana (BoG) to withdraw its directive suspending international forex money funds to massive corporates.
The Central Financial institution, on Wednesday, August 20, 2025, instructed banks to right away halt such funds until the transactions have been backed by prior deposits from the identical establishments.
In a press assertion, APL described the directive as “draconian” and “regressive,” warning that it might inflict severe hurt on the Ghanaian economic system.
Based on the assume tank, the transfer reveals the central financial institution is “extra involved with quickly propping up the alternate fee fairly than pursuing prudent and sustainable financial measures.”
APL argued that requiring corporations similar to Bulk Oil Distribution Corporations (BDCs) and mining corporations to make international money deposits earlier than accessing foreign exchange displays “an absence of foresight and disrespect for the operational realities of companies and the welfare of Ghanaians.”
The group questioned how corporations that don’t transact in international forex are anticipated to generate such deposits, cautioning that the directive might drive companies to the black market and undermine the very stability of the cedi that the BoG claims to guard.
APL concluded that the coverage illustrates the Financial institution’s disconnection from its mandate and urged an instantaneous reversal of the choice.
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