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    DDEP: Government hopeful bondholders will register for programme

    5 important things to know about the African Continental Free Trade Area agreement

    DDEP: Non-participation will prolong efforts to revive economy – Ofori-Atta

    We need IMF bailout in March or economy will crash – Ofori-Atta to pensioners

    Idris Elba adds Ghana to the list of African countries he wants to partner with

    Twitter is reportedly planning to charge businesses $1,000 per month to keep gold verified checks

    Pensioners to picket at Finance Ministry over DDE

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    Nigeria ranks number one globally for cryptocurrency usage and ownership

    Gold-for-oil: Govt spent $40m on first consignment – NPA

    Come clean on gold-for-oil ‘fiasco’ – COPEC to govt

    Ghana paid cash for 40,000 tons of oil instead of gold – Egyapa Mercer confirms

    $130bn and $170bn needed annually to bridge Africa’s infrastructural gap – Bawumia

    Government and Association of Banks reach agreement on DDEP

    DDE: Banks secure 5% coupon for 2023; other revisions

    Cocoa bill payment; BoG, COCOBOD others agree to roll over maturing investments

    AfriCatalyst to host conference on use of Special Drawing Rights to accelerate economic transformation

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    Twitter is reportedly planning to charge businesses $1,000 per month to keep gold verified checks

    Ghana withdraws $672m back-tax demand from MTN Group

    MTN to fight $773m tax bill from government

    Telcos to implement 1% E-Levy charge from today

    Huawei Equips 500 Traders in FinTech

    Africans urged to bolster adoption of Bitcoins

    What does 2023 hold? Predictions in payments for the year ahead for Africa

    Meta considered building a Twitter competitor to capitalize on Elon Musk’s ‘crisis’ at company

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    Feed Africa Summit: African Development Bank to commit $10bn to make continent breadbasket of the world

    Nigeria’s national debt hits an all time as the country struggles with repayment

    What does 2023 hold? Predictions in payments for the year ahead for Africa

    Nigeria set to stop importation of refined oil and refine its own oil by 2023

    EIU analysts forecast grim economic outlook for Africa in 2023

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BoG to ease forex controls

bycitibusinessnews
June 13, 2014
in Banking And Finance, Business
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The Bank of Ghana (BoG) will today announce measures to ease foreign exchange controls to allow withdrawals up to US$10,000 without proof of travel.

The measures come after a thorough review of the controls the central bank introduced in February this year to halt the depreciation of the cedi.

The earlier measures limited access to foreign exchange and restricted local trade transactions to the cedi.

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Under current regulations, foreign exchange and foreign currency account holders are required to provide documentation for transfers outside Ghana and are only able to withdraw up to the equivalent of US$10,000 for travel abroad.

That restriction is expected to be relaxed and foreign currency account holders will no longer need to show proof of travel in order to withdraw from their foreign account.

A source at the BoG told the Daily Graphic on condition of anonymity that businesses that provided services for non-resident Ghanaians would quote their prices in cedis but could collect dollars.

Another measure that is expected to be relaxed is the prohibition of offshore currency transactions by resident Ghanaian companies.

Again, the restrictions that require exporters to collect and repatriate in full the proceeds of their exports to their local banks within 60 days of shipment are also expected to be relaxed.

BoG under pressure

The BoG came under heavy criticism from some economists and business concerns over the imposition of the foreign exchange regulations which were intended “to streamline the collection and repatriation of export proceeds to Ghana”.

Addressing the opening session of the recently held three-day National Economic Forum at Senchi in the Eastern Region, the President had called on the BoG to review the forex restriction in order to reduce the hardship on businesses.

Meeting with businesses

According to the source, the BoG had earlier planned to allow foreign exchange withdrawals of up to US$20,000 by foreign exchange account holders but had to maintain the US$10,000 withdrawal on the advice of the business sector.

But since the introduction of those measures, the cedi had declined by more than 20 per cent and is now trading against the dollar at more than GH¢3.

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