End of Dollar in Ghana? As Ghana is Phasing Out foreign currency savings accounts

Several commercial banks in Ghana are reportedly initiating the closure of individual foreign currency savings accounts, with a deadline set for July 31, 2024.In a report by Citi Business News, these banks are said to be encouraging customers to transfer their foreign currency holdings to e-wallets or current accounts.This step is seen as a move towards gradually eliminating foreign currency savings accounts altogether.
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[@successethel6749]

They should also stop schools from collecting fees in dollars and property owners from selling in dollars

[@zambisabianus8245]

This is what I was coming to say,no organisation or business estate should sell in dollars ,,ATM machine no dollar withdrawal

[@dominiqpowell37]

GHANA NEEDS TO HOLD MORE GOLD RESRVES.

[@roseanne1466]

No, we rather sell it to China and European countries for it to stabilize their currency and economy.

[@oceejekwam6829]

@@roseanne1466 There must be a way to utilise the gold more efficiently so as to derive the maximum benefit from the resource.

[@lovebless5307]

How many tons do you produce per year? You think is a joke?

[@zebra5star925]

It is a good strategy to stabilise the cedi.

[@marthacmd]

Ghana will not betray the West... they are part of the West first line of defense.

[@africanmindsetseries]

Akuffo addo is the number one western puppet in West Africa along with Alassane Ouattara of Cote d'ivoire!

[@surprise4089]

This is GOOD NEWS. THE DOLLAR MUST GO TOGETHER WITH BLACK MARKET.

[@user-rb9sh1vr5m]

It's very easy to smelt gold into coins or dollars your government would rather hoard it in the West and Europe instead of giving it to It's citizen's. The reason they go to the black market they rape your economy with mafia interest rates.

[@roseanne1466]

So where are the politicians and the pastors going to hide their money now?😢

[@obaagina5299]

😂😂😂😂😂😂

[@africanmindsetseries]

Yep, good question! They are the main culprits!

[@Lysa-i1i]

That’s very true.

[@zionlee3644]

Perfect Move for Ghana. How can 30 M people go through foreign currency like it's nothing. Too many Alata fou) open local accounts and the buy huge amounts of dollars, ,which weakens the Cedi. Great MOVE~~Ban IT!!!!!!

[@Africaly_]

Why blame alata fuo) nd not the politicians that read budgets in dollars? They charge port fees in dollars but its alata fuo) that u see?

[@zionlee3644]

@@Africaly_Kriminal mahama sold Tema Port to Vicent Ballore. It hiked commodity prices to record high. But the Kriminal isn't coming EVER again. As for Alatafou), you'll understand why, in the future when you've learned a little about Finance.

[@j.nuadey7671]

⁠@@zionlee3644nothing you learn from finance teaches that Ghana economy can survive without your Alatas, secondly the dollars will continue to fall due to scarcity after panic withdrawal of investors just like it happened in 2012 after BoG policy. You still live under the sun and blame Mahama in 2024, you must be equally blamed for voting for Nana that failed u and himself for being the most useless person that ever ruled the nation Ghana

[@zionlee3644]

@@j.nuadey7671 Hey, before you make reckless comments u should at least gauge your opponent. Strike 1. Strike 2 You're not even informed Enough based on your own contention. Cos if you were, you'd know that mahama isn't a guy to be associated with. Let alone Defend. The guy Himself Cannot defend himself. That automatically makes u vulnerable. I'm only throwing u rope to save yourself.

[@zionlee3644]

@@j.nuadey7671 But if u think it's worth it, I'll surely engage you about mahama. The choice is yours!!~~peace!

[@anaiytv2120]

Great move for Ghana

[@grantauckland4281]

That's a great idea.ghana is not the United States of America.the people must used Ghanaian currency in Ghana. The American must used America currency in America. Every country must used it's own countries currencies.

[@paakofi9860]

This should ve been done long ago it’s does not make sense for Ghanaian to save in dollars.

[@nicolenims3850]

I saw it in India. It works

[@simonasare6948]

They should use Gold to buy oil, no more dollars to buy oil. No more savings in dollars.

[@patrickagyei6547]

Perfect they can take it to Nigeria 🇳🇬 or Togo

[@marksonbrefo5616]

The banks should please go ahead

[@Uncle-Basil]

This is a good move for the country, Ghana must move away from the dollar before it crashes and it will crash.

[@FrancisKWoode]

This is not a smart move. A long term solution is increase in GDP and less imports.

[@loislarabamachunga5434]

You are right! Infrastructure is condition precedent. That is the hard part for Africa!

[@ernestakuffo902]

Because you are very unhappy about this move...

[@franciskotoka1046]

Well, i don't know how much an impact this approach alone can make on the cedis stability. We live in a country where people keep alot of US dollars home . If the bank account is closed, people with dollars may probably keep the dollar in their houses. In that case, it may not bring any improvement to the cedis.

[@therapeutate1093]

This is an interesting move. It will significantly affect investment in Ghana by the diaspora. However, I see the impetus in prioritizing their own currency. The US$ should not be the dominate currency on any part of the continent.

[@TWUMKWAME5]

What happened to the gold we were told will be used to hedge against the falling of the cedis to the dollar?

[@AwuduyoroMALIK]

That's great news ❤❤❤

[@GregoryAmos]

Will they stop selling houses in dollars? Will they stop renting in dollars? Will they stop reading budgets in dollars?

[@kyekyeeminah8734]

This is long overdue. We have destroyed our currency with overdependence on the dollar. A lot of African countries have totally banned dollars in their local transactions and it has worked perfectly for them. One Turkish Lira is less than 50 Ghanaian pesewas yet prices of goods and services in Turkey are very cheap and stable why? They don't allow foreign currencies in their transactions. Most of the things we import in Ghana are from China and Turkey. These countries use the Yuan and the Turkish Lira respectively so why do we punish ourselves by looking for dollars in our trade with these countries, destroying our local currency?

[@Prediktzmedia]

So how much do you need before you open dollar account in Ghana please someone should help me out

[@patosepo9344]

I learnt in the media that some Ghana banks are closing down dollar accounts of customers at the end of this July. I have two concerns 1. Is Ecobank affected? 2. Is this applicable to every one in affected banks or there is an exception. Please, we need more clarification for the second question. Some individuals live and work abroad. They wire from their foreign banks to save in Ghana.Many find this comfortable to transfer and send money to their families in Ghana by this process.I think Ghanaians who are residents and citizens abroad should be made to save in their original currency they wire home if they prefer to do so. It encourages them to save in Ghana, even though they get the cedi equivalent at the time of the withdrawal.

[@K_f84143]

We will just keep the dollars in our homes.. we don't need the banks

[@ernestakuffo902]

How much can you keep...

[@hyacinthjarrett8637]

Good move towards building Africa's own independence.

[@oceejekwam6829]

Why doesn't Ghana utilise gold more? This is what people in Europe and Asia are doing they are buying and hoarding gold. Zimbabwe managed to stabilise it's currency by introducing the new Zimbabwe Dollar which is a gold coin.

[@fotodeci]

Gold? Ghana has no bullion market, in spite of being a leading gold producer. One way the government can stabilise the cedi is for the central bank to buy and stock substantial amounts of gold.

[@oceejekwam6829]

@@fotodeci Thank you. How can it be African gold producers are struggling so hard with their currency, while non gold producers are hoarding it as a hedge against the collapse of the dollar? Is it because the World Bank and IMF will disapprove? Our leaders need to show more courage.

[@fotodeci]

@@oceejekwam6829 nobody is preventing African gold-producing countries from buying and stocking their own gold. The problem is corruption and lack of intelligence of African leaders. They don't invest in gold production. In Ghana, they give it all to foreign companies, and are happy to receive 3 - 5% in "royalties". Everything else is taken away by the foreign companies. With this kind of arrangement, Ghana can produce all the gold in world and still remain poor.

[@oceejekwam6829]

@@fotodeci Thank you very much for your explanation. I appreciate your time and I feel your frustration. Hopefully "change" is on it's way. By that I mean a real leader not a Western approved puppet.

[@roseanne1466]

@@fotodeci so true and sad at the same time!😢

[@cobbydollar]

GAB denies reports of banks discontinuing foreign currency savings accounts

[@KofiYeboah-Agyemang-gw3wl]

Ghana should use only Ghana Cedis to buy Gold and use the Gold to back the Ghana Cedi.

[@samsonlaryea6795]

It will still amount to nothing. Until public sector transactions are made in the local currency and public officials stop hoarding the foreign currencies at home and start circulating through the banks, this won't be feasible. The main problem can be identified with government officials using or trading in dollars and other foreign currencies more than the cedi. How many individual Ghanaians save in a foreign currency account except our own "big men" ???

[@lovebless5307]

Ghana has no idea or plans to drive dollar back to even 10ghc per dollar.

[@RobertMorgan-ne4tb]

The policy never stablize naria . They govt will change it later. People will keep their dollar at home

[@harrisonnti-appiah7419]

you are right, people will save in another country or at home and can sell later, definitely people will look for doller to import. This policy will worsen the problem.

[@amencal]

So, which bank was that?

[@user-zx7go4gp8q]

They should have done this for long time

[@user-bk5mn7ie1q]

Ghana agye gon because too much government borrowing that bring our economy into mess 🤔

[@ebobarnes8956]

Perfect move

[@miafrica1]

Good move. Because people in the lwestern do not create cedi account's

[@partoems9376]

Well if the policy can be enforced consistently and subsequent government will uphold it.

[@LucasMarian-x8f]

I'm favoured, $27K every week! I can now give back to the locals in my community and also support God's work and the church. God bless America.

[@JasonBegheofficial-rs5bq]

As a beginner what do I need to do? How can I invest, on which platform? If you know any please share.

[@JasonBeghe-zw7zv]

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[@AxlRoseofficial-d4l]

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[@AxlRoseofficial-x9l]

I started with 5,000$ and Withdrew profits 89,000$

[@shemarMooreofficial-n8h]

I'm glad to write her tay I do hope she will help handle my paycheck properly☺️☺️☺️

[@ebobarnes8956]

Is good to that.

[@harrisonnti-appiah7419]

people will save at home and can sell later, definitely people will look for doller to import. This policy will worsen the problem.

[@fotodeci]

The massive depreciation of the cedi was caused by the government itself. The country is the leading producer of gold in Africa, but it has no bullion market, so foreign currency accounts are the only means left for Ghanaians to maintain value of their savings after the "haircuts".

[@user-vh9ip1hp5n]

So if u are a foreigner and u want to change dollar into cedis it's won't be possible or what pls, can someone help me out pls.

[@PRINCESSGEMINI1987]

You will still need able to changer dollars to cedis in Ghana. This will not have an impact on that.

[@nanaantwi-boasiako780]

Is this gud ideas to save Ghana cedis values

[@ebenezerannoryeboah8771]

Apuuu it's won't work

[@harrisonnti-appiah7419]

it is not a good policy because we import in foreign currency and export expecting same foreign currency to pay our debts.

[@edwardbamfo-darko]

The better way to save is not the foreign currencies, even fixed deposits in cedis yields better. The foreign accounts are doing great harm and should be done away.

[@user-dg9rf6yp2c]

That was first insane. Dollar accounts. Can the Europeans accept african currencies accounts.???

[@mobrown7594]

It will be good the ghc will go up, the sad thing we are reactionary instead of having foresight

[@atsu12moses]

Don't forget about the bretton hoods agreement and Richard Nixon, the world can not do without the dollar. Petrol dollar too.

[@atsu12moses]

No wonder most people will hoard dollars.

[@alexanderkingkwame241]

Very funny under the comments section, if you think this move can make the currency stable, then y'all need to stop watching cartoons 😂😂

[@simonasare6948]

Gold for oil and power(WATT) is the best strategy for the cedis. The gold will melt back to Ghana land.

[@BicamsBirantecamara-oq5jd]

🙌🙌✌🤝

[@harrisonnti-appiah7419]

it is better to save your foreign currency in another country.

[@robertlindsay9826]

Back in jj's time , you did not talk in $ !

[@Lysa-i1i]

😮🤔How much is the total of loans taken from the government is USDollars, EUR, etc? Develop countries has foreign currencies bank account, so why not Ghana and the way the Cedis is depreciating, do you think that foreigners will continue to come and invest in the country? Opinions are welcome.

[@salifuabubakari5414]

just watch out first we can't just trust this guy's. This Government can't do without criminal west

[@sirjamesjemo3390]

You're ignorant. All your banking system is owned by foreigners (europens and americans) but you think you can dedollarise the country??

[@user-lo3hx3qg9v]

Why is Akuffo Addo doing this to Ghanaians? How does he expect Ghanaians abroad and other foreigners to invest in the country if they can’t save their money in foreign currency? This is a stupid move which will in turn collapse Ghana’s economy cos people will refuse to invest in Ghana.

[@Shawnlcarter]

Let them go. We are a Ghana and Cedi is our currency. If you go to Rome. Lol

[@kingsfordessiaw8385]

@@Shawnlcarterthank you

[@IbrahimBraimah-s6x]

Puppet always a Puppet

[@ebobarnes8956]

Use your local currency Ghana cedis and move away from dollar

[@thetruthmustbetold663]

Nana destroyed the country 😂

[@salleyibrahim6393]

The. Fact is that they collapse the bank of ghana .this gorverment dont have any knowledge of stabilize the currency. Very stupid idea

[@paakofi9860]

If not for madness why will any Ghanaian be allowed to save in dollars. Are we paid in dollars? Nkwasiasem is too much in the country.

[@Chapter7129]

Doesn’t make sense because some schools in Ghana pay’s school fees in dollar even Hotels, majority of the Politicians does they’re business in dollar.

[@ronaldessel9095]

Everyone is going to pay everything in the local currency. Including payment of import duties.

[@Roy-fu4ue]

Atta mills tried this they finished him I hope this time we succeed

[@enochnatures8479]

U dierr fake news naaa