The Bank of Ghana has indicated it would review some of the recent foreign exchange measures it introduced to halt the free fall of the cedi against major trading currencies.
The banks says the review will focus especially on those that are badly affecting businesses.
But Joy Business gathers that the current banking laws requires the governor to review these directives after three months. The central bank introduced the directives in February this year.
The Bank of Ghana introduced the measures with the aim of stabilising the Ghana cedi which lost about 5% of its value to the United States dollar.
However a source close to the Bank says the review would not affect all the directives, but just those that have brought some hardship to enterprises.
As part of the directives to halt the ceid, the central bank also directed that all transactions in the country should be conducted in Ghana cedis in compliance with Bank of Ghana Notice dated October 10, 2012.
The central bank also revised rules governing the operations of Foreign Exchange Accounts (FEA) and Foreign Currency Accounts (FCA) with effect from February 5, 2014.
A major headache for businesses in the wake of the Bank of Ghana rules was the directive barring business from withdrawing more than $10,000.00 over the counter -- unless such withdrawals were for travel purposes.
Meanwhile, Bank of Ghana Governor Henry Kofi Wampah said the central bank’s strong intervention to shoreup the cedi is beginning to bear fruit, with the currency’s rate of fall slowing from January’s alarming peak.
“The depreciation has reduced considerably to about 1 per cent according to our analysis – that is, if you are looking at three weeks after they were announced to now; because, as you know, the measures need time to be effective,” he told The Business and Financial Times newspaper..
Latest Stories
-
I haven’t been treated well by the NPP but I remain loyal – Former NPP MP
8 mins -
Black Sherif should pray for Shatta Wale and Stonebwoy to remain at loggerheads – Ajagurajah
15 mins -
Blue Ivy Carter joins mum Beyoncé in Lion King prequel
23 mins -
Stonebwoy, other African acts’ music restored after TikTok, Universal Music resolve dispute
44 mins -
Dumsor hasn’t ended – IES debunks Akufo-Addo’s claim as citizens complain of more outages
51 mins -
Bawumia praises church’s invaluable role in Ghana’s development
56 mins -
Bawumia: ‘I am confident God can use me for Ghana’s good’
59 mins -
‘Man stuffing ballot box, not our staff and incident not related to Ejisu by-election’ – EC
1 hour -
Agogo Presby Hospital holds annual performance review meeting
1 hour -
Fifth body found after Baltimore bridge collapse
1 hour -
EOCO could have done more investigations into Cecilia Dapaah’s case – GII
2 hours -
MTN FA Cup: Dreams FC to switch focus to title defence after CAF Confederation Cup elimination
2 hours -
New photo marks Princess Charlotte ninth birthday
2 hours -
Dafeamekpor files appeal against dismissal of request to compel Akufo-Addo to accept anti-LGBTQ bill
2 hours -
Group submits RTI application seeking information on BVRs for limited registration exercise
2 hours