Dr Gideon Boako, Member of Parliament for Tano North and Deputy Ranking Member on Parliament’s Finance Committee, has raised concerns ahead of a crucial meeting between the Ghana Association of Banks and the Governor of the Bank of Ghana over the revised Cash Reserve Ratio (CRR) policy. 

In a Facebook post on Tuesday, May 26, Dr Boako described the engagement as a “crisis” meeting, signalling the growing unease within the banking sector over the central bank’s recent policy direction.

According to him, the meeting is expected to focus on the impact of the revised CRR policies on bank charges and foreign exchange deposits. 

The Tano North MP indicated that the outcome of the discussions could have significant implications for both financial institutions and customers, particularly as banks continue to adjust to tightening liquidity conditions imposed by the regulator.

Dr Boako suggested that the concerns being raised by commercial banks may centre on the operational pressures created by the new reserve requirements and the possible effect on the cost of banking services. 

He also hinted at broader concerns over the handling of foreign exchange deposits, an issue that has generated public debate in recent weeks amid fears of increased restrictions within the financial sector.

The Deputy Ranking Member further disclosed that he would later provide a detailed opinion and possible outcomes from the high-level engagement.