The
Bank of Ghana recommends that all new retention agreements should require
retention accounts to be opened and operated with domestic banks.
“The
Bank of Ghana would guarantee the availability of foreign exchange, deposited
with it, to the account holders within 24 hours of request,” said a statement issued
by the Financial Stability Department of the Bank
on the review of recent foreign exchange measures.
The
Bank has also recommended the streamlining of management and technical service
fees under LI.1547 (1992) paid to multinationals.
The
statement said the financial services regulator will engage the GIPC, Ghana
Freeze Zones Board, Minerals Commission, Ministry of Energy and Mines and other
stakeholders in this regard.
In
its bid to curtail the fall of the local currency, the Cedi, against major
foreign currencies, the Bank in February 2014 reviewed the operations of foreign
exchange accounts (FEA) and foreign currency accounts (FCA), as well as the Repatriation
of Export Proceeds and imposed Additional Operating Procedures for Forex
Bureaux in Ghana.
This
exercise is pursuance of the Bank of Ghana’s mandate under the Foreign Exchange
Act 2006 (Act 723).
Foreign accounts holders are now allowed to
withdraw at least not more than $1000 at the counter, whilst cash withdrawals
over the counter from FEA and FCA shall only be permitted for travel purposes
outside Ghana and shall not exceed US$10,000 or its equivalent in convertible
foreign currency, per person per travel.
The Bank says it will continue to monitor
the implementation of the measures and take further actions if necessary.
“The Bank, in collaboration with the relevant authorities,
will take additional measures aimed at plugging foreign exchange leakages and
improving supply of foreign exchange into the markets,” said the statement.
Story
by Kofi Adu Domfeh
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