The Bank of Ghana (BoG) is set to introduce a number of measures to quell the magnitude of over-the-counter US dollar withdrawals.

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A board member of the central bank, Isaac Adongo, noted that this measure, coming at a time when the cedi is recording a significant amount of appreciation against major foreign currencies, forms part of the bank’s role to regulate the use of the legal tender.

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Speaking in an interview on JoyNews’ PM Express, he said; “If you put your dollars in the bank account, it is okay. We are happy with that; you can only get dollars if indeed you are going to use them for a dollar-denominated transaction.”

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The Member of Parliament of Bolgatanga Central added; “When you request dollars, we'll provide cedis instead."

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The Ghana cedi has been recognized by Bloomberg as the world’s best-performing currency, having appreciated nearly 16% against the US dollar since April.

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The average interbank rates used by commercial banks for transactions at the close of business, 14th May, show the US dollar buying at GH₵12.44 and selling at GH₵12.45. The British pound is buying at GH₵16.55 and selling at GH₵16.57. The euro is currently being bought at GH₵13.95 and sold at GH₵13.96.

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Following the appreciation of the cedi, there have been calls by stakeholders for traders to revise the prices of the goods and services to reflect the gains.

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