Dr Gideon Boako, Deputy Ranking Member on Parliament’s Finance Committee and Member of Parliament for Tano North, has cautioned that some commercial banks may soon begin rejecting certain foreign exchange deposits, urging individuals holding dollars to consider depositing them before possible restrictions take effect.

In a Facebook post published on Thursday, May 21, Dr Boako said persons intending to deposit foreign currency should act promptly to avoid losing the opportunity in the future. 

He indicated that the development could emerge as part of broader financial sector challenges linked to recent policy decisions by the governing National Democratic Congress (NDC) following the Bank of Ghana’s revision of the cash reserve ratio on foreign deposits.  

“Hear me clearly: starting next month, commercial banks may begin rejecting certain foreign exchange deposits. If you have dollars you intend to deposit, it may be wise to do so now. Otherwise, you could risk losing that opportunity later,” he wrote. 

He stressed that his comments were not meant to trigger panic among the public, but rather to draw attention to what he described as growing systemic risks within the economy.

The Tano North MP did not provide further details on the specific categories of foreign exchange deposits that could be affected or indicate whether any official directive had been issued to banks.