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ACCRA, June 12 Ghana's central bank is set to
ease restrictions it imposed in February on foreign exchange
transactions in a bid to halt a slide in the cedi
currency, governor Henry Kofi Wampah told Reuters on Thursday.
The February measures included an end to transfers between
accounts denominated in foreign currency. Companies said this
has hurt business and not supported the cedi, which has fallen
28 percent this year due to import demand and a weak fiscal
"We are reviewing the measures tomorrow. The aim is to make
it easier for people to transact business while still protecting
our currency," Wampah told Reuters in a phone interview.
"We have been monitoring and listening to people's concerns.
It is on account of this that we are reviewing," Wampah said.
The February rules included a directive that foreign
exchange bought for settlement of import bills be lodged in a
special margin account to be drawn within 30 days. The bank also
stipulated that the proceeds from exports must be converted into
cedis within five working days.
The International Monetary Fund said in May that the new
measures would be ineffective unless Ghana resolved
macro-economic imbalances including a high budget deficit and
Ghana has been struggling with budget deficits and high bond
yields as well as the tumbling cedi. The fiscal problems have
taken the shine off an economy feted for five years of gross
domestic product growth above 8 percent on the back of its
exports of gold, cocoa and oil.
(Reporting by Kwasi Kpodo; Editing by Matthew Mpoke Bigg and