Bank of Ghana to Increase Supply of Foreign Currency in Market

Ghana’s central bank will make more foreign currency available on the market after business leaders complained about measures that made it harder to obtain dollars and euros, Second Deputy Governor Abdul Nashiru Issahaku said.

The easing of foreign-exchange controls will be announced tomorrow, Issahaku said by phone from New York. Earlier, the bank said it will hold a press conference at 11 a.m. in Accra tomorrow to discuss a review of currency rules announced in February.

The central bank placed a limit on the size of foreign-currency transactions and required all sales and purchases to be made in the local currency to stem a decline of the cedi, the continent’s worst performer. The cedi has dropped 22 percent since the regulations were announced on Feb. 5.

“Some of the rules brought constrictions on businesses,” Issahaku said. “The review is trying to see how some limits can be eased to make foreign exchange more accessible on the market.”

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