February 5, 2014 / 12:31 PM / in 4 years

Bank of Ghana tightens foreign exchange rules

ACCRA, Feb 5 (Reuters) - Ghana’s central bank on Wednesday tightened rules on the operation of foreign currency denominated accounts in a bid to stem currency depreciation, Governor Henry Kofi Wampah told Reuters.

The new measures to be implemented immediately require foreign exchange purchased for the settlement of import bills to be lodged in a special margin account that must be drawn within 30 days, according to details of the regulations seen by Reuters.

In addition, the Bank has scrapped transfers between accounts denominated in a foreign currency.It also directed that proceeds from exports should be converted into the cedi currency within five working days. (Reporting by Kwasi Kpodo; Editing by Matthew Mpoke Bigg)

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