Deputy Ranking Member on Parliament’s Finance Committee and Member of Parliament for Tano North, Dr. Gideon Boako, has cautioned that commercial banks may, from next month, begin rejecting certain foreign exchange deposits—raising concerns over possible tightening in Ghana’s already pressured forex market.
In a Facebook post on Thursday, May 21, Dr. Boako urged individuals holding foreign currency, particularly US dollars, to deposit them without delay, warning that failure to do so could result in missed opportunities once new banking practices take effect.
He linked the anticipated development to broader financial sector strains, which he attributed to recent policy shifts under the governing National Democratic Congress (NDC), following adjustments to the Bank of Ghana’s cash reserve requirements on foreign currency holdings.
“Hear me clearly: starting next month, commercial banks may begin rejecting certain foreign exchange deposits. If you have dollars you intend to deposit, it may be wise to do so now. Otherwise, you could risk losing that opportunity later,” he wrote.
While Dr. Boako insisted his comments were not intended to trigger public panic, he said they were necessary to draw attention to what he described as emerging systemic vulnerabilities within the economy.
However, the Tano North MP did not specify the categories of foreign exchange deposits likely to be affected, nor did he cite any formal directive from the Bank of Ghana or commercial banks indicating an official policy change.
The Bank of Ghana has not yet publicly responded to the claims, leaving uncertainty over whether the anticipated restrictions reflect formal regulatory action or market speculation driven by evolving liquidity conditions in the banking sector.
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