No more over-the-counter dollar withdrawals – Adongo
As part of attempts to stop cedi depreciation, Isaac Adongo, a board member of the Bank of Ghana (BoG), has revealed plans to tighten regulations on over-the-counter US dollar withdrawals from financial institutions.
The central bank will soon impose an almost complete ban with few exceptions, even though current regulations allow restricted dollar withdrawals with good reason.
The Bolgatanga Central MP said, “If you put your dollars in the bank account, it is okay,” in a future interview with Evans Mensah on PM Express. We are content with that; you can only receive dollars if you intend to use them for a transaction that is valued in dollars,” he disclosed.
He emphasised, “Regulating the use of our legal tender is part of the Central Bank’s job. We will give you cedis in place of dollars when you ask for them.
In light of the cedi’s recent designation as the best-performing currency in the world, Adongo expressed optimism that the measure will have a favourable effect on exchange rates.
“You’ll see the results reflected in the dollar rate,” insisted him. “We’re using bank accounts to stop dollar speculation. Dollars that have been deposited will only be released for valid international transactions; they are not to be spent domestically.
Cedi’s Amazing Comeback
Between February and April 2025, the cedi remained steady at about GH₵15.50 to the US dollar. In early May, it experienced a large increase to GH₵13.1, which was its strongest level in a year.
Goldbod’s recent partnership with nine mining companies is partially responsible for this performance, according to analysts at Databank Research. With payments made in cedis instead of dollars, the agreement guarantees 20% of their monthly expected gold production (200 kg) for domestic purchase prior to export.
Nonetheless, a sharp rise in export earnings seems to be the main motivator. Ghana exported more than $2.3 billion worth of gold in January and February of 2025, the most in almost a decadGhana shipped more gold than $2.3 billion in the first two months of 2025, the most in over ten years.
The power of the cedi is not confined to the US dollar. The euro dropped from GHS17.72 to GHS14.78 in late April, while the pound dropped from GHS20.60 to GHS17.45.
Over the same time span, the Canadian dollar has also decreased from GHS11.00 to GHS9.40.
In light of this, authorities are taking action to guarantee that the benefits be maintained in order to strengthen the local economy.
