BoG’s clarification on dollar timely
In today’s volatile economic climate, clarity is as valuable as the dollar itself. That’s why the Bank of Ghana’s (BoG) recent clarification on over-the-counter (OTC) dollar withdrawals deserves attention—and so does the confusion that preceded it.
For days, Ghanaians were left anxious following suggestions by Isaac Adongo, a BoG board member and Member of Parliament for Bolgatanga Central, that there was a new directive preventing OTC foreign currency withdrawals. In a country still reeling from inflation, currency depreciation, and tight forex access, such a statement was bound to spark alarm. And it did.
Thankfully, the BoG has set the record straight. In a statement issued on May 14, the central bank reaffirmed that no such restrictions exist. OTC withdrawals from Foreign Exchange Accounts (FEAs) and Foreign Currency Accounts (FCAs) are still permitted. It emphasized that Ghana’s foreign exchange regulations remain intact, and no amendments have been made.
But the damage may already be done.
In times of economic uncertainty, public trust in regulatory institutions is vital. When misinformation—especially from those within the BoG’s own board—circulates without verification, it doesn’t just confuse citizens; it rattles confidence in the financial system. The Ghana Association of Bankers, rightly, stepped in to clarify that policy directives come from the institution, not individual board members.
This incident raises serious concerns about communication protocols within Ghana’s top financial institutions. How is it that a BoG board member could publicly peddle unverified information on such a sensitive matter? While freedom of speech is non-negotiable, positions of power demand a greater burden of responsibility.
What Ghana needs now is consistency and clarity. We cannot afford economic commentary that causes panic or sends mixed signals to the market. The BoG must tighten internal communication and ensure that any official positions are timely, clear, and publicly available.
In the long term, the central bank’s credibility will not only rest on its monetary policies but on how well it manages public trust. Because in this economy, clarity is not just good communication—it is sound economic policy.
