Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Ghana Eases Foreign-Currency Rules to Increase Greenback Supply

June 13 (Bloomberg) -- The Bank of Ghana reversed some restrictions on the use of the dollar and euro to boost foreign exchange supplies after companies said the rules made it more difficult to obtain cash.

The central bank overturned a rule that requires exporters to convert proceeds from sales abroad to the cedi in five days, Benjamin Amoah, head of financial stability, told reporters in Accra, the capital. Foreign companies will be allowed to pay local businesses using currencies other than the cedi, and exporters can retain 60 percent of revenue in foreign denominated accounts and convert 40 percent within 15 days, he said.

“We’ve seen that some economic agents, because of misapplication of the rules, are having problems, and we’re streamlining it,” he said. “With the review it is expected that availability of foreign currency on the market will increase.”

The bank issued orders in February requiring all companies use the cedi in local transactions to prevent the economy from becoming dependent on foreign currencies. The bank also limited the use of dollars and euros to exporters and importers and set limits on who can have accounts denominated in foreign currencies.

The cedi gained 2.7 percent to 3.035 per dollar as of 12:22 p.m. in Accra, paring losses this year to 22 percent, the biggest drop among 24 African currencies monitored by Bloomberg.

To contact the reporters on this story: Pauline Bax in Accra at pbax@bloomberg.net; Moses Mozart Dzawu in Accra at mdzawu@bloomberg.net

To contact the editors responsible for this story: Vernon Wessels at vwessels@bloomberg.net; Nasreen Seria at nseria@bloomberg.net Andres R. Martinez

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.