July 29, 2014 / 2:36 PM / 4 years ago

Bank of Ghana reverses ban on direct dollar imports by local banks

ACCRA, July 29 (Reuters) - Ghana’s central bank has reversed its ban on commercial banks importing dollars directly in a bid to increase the supply of foreign currency and support the cedi, central bank Governor Henry Kofi Wampah said on Tuesday.

The central bank in 2012 banned direct cash imports as part of efforts to streamline the West African country’s foreign exchange system and it has since been the only source of dollars for local banks.

The cedi currency of the world’s second largest cocoa producer, which also exports gold and oil, has slumped more than 40 percent since January. (Reporting by Kwasi Kpodo; Editing by David Lewis and Daniel Flynn)

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