Accra: 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.
According to Ghana Web, Dr Boako made the announcement in a Facebook post published on Thursday, May 21, 2026. He advised those intending to deposit foreign currency to act promptly to avoid losing the opportunity in the future. The warning comes amid broader financial sector challenges linked to recent policy decisions by the governing National Democratic Congress (NDC) after the Bank of Ghana revised the cash reserve ratio on foreign deposits.
Dr Boako emphasized the urgency of the situation, stating, "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 clarified that his comments were not intended to incite panic but to highlight what he described as growing systemic risks within the economy.
While the Tano North MP did not specify which categories of foreign exchange deposits could be affected, nor confirm whether any official directive had been issued to banks, his statement has sparked concerns among potential depositors about impending restrictions.