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BoG denies reports of Foreign Deposit Accounts closure

Emmanuel Agyei - Joy Business
8 June 2012 | Business & Finance

The Bank of Ghana has discredited reports that it plans to close foreign deposit accounts in commercial banks in a bid to arrest the sharp decline in the value of the cedi.

In a statement, the Central Bank also rejected claims it is has instructed that a 2% per annum charge be levied on the foreign deposit accounts.

The Bank of Ghana however reiterated its commitment to ensure stability in the cedi saying it has observed its recent policy measures are beginning to have the desired effect on the cedi.

Below is the full Statement:
BANK OF GHANA
PRESS RELEASE
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 general public and all stakeholders are assured that the Bank of Ghana has not taken any such decision.

The recent policy measures taken by the Bank are intended to make Cedi assets more attractive to hold. It has been observed that the measures 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.

End
June 8, 2012

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