News trickling in has it that the President of Ghana, H.E Nana Addo Dankwa Akufo-Addo is expected to place serious restrictions on Foreign Currency Account holders and and Foreign Exchange Account holders in the bid to cushion the Cedi against the uprising exchange rate.
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With the current economic hardship and deteriorating financial conditions in the country, the President and his cabinet are forced to impose massive restrictions and new directives on foreign currency account holders in their bid to reign in the Ghana Cedi.
As the US Dollar continues to whip the Ghana Cedi on the exchange rate, President Akufo Addo who will be addressing the country on Sunday 30th October 2022 on the economic issues of the country will be imposing new directives.
According to reports filed by mynewsgh.com, Foreign Currency account holders and Foreign Exchange account holders will be forced to withdraw their funds from various financial institutions at the rate fixed by the Bank of Ghana.
Withdrawals from foreign accounts made in person are only allowed for purposes outside the country and are limited to a certain amount that is still up for discussion. However, sources claim that this thresholds could be $10,000.
Major trading currencies like the Dollar, Euro, Pound Sterling, Yuan, and CFA will be subjected to this restriction, along with new regulations covering transfers from one foreign account to another and also anyone wishing to move foreign currency outside of Ghana will have to go through the bureaucracy.
The latter, according to the source is already in existence but has not been properly enforced but situations are about to change from now onwards.
The business communities and other individuals who fall under the above-mentioned category are expected to be displeased with this new directive.
Source; www.Ghgossip.com
