Governor of the Bank of Ghana, Dr. Johnson Asiama, has defended new regulatory measures in the financial sector, stressing they are aimed at protecting the integrity of Ghana’s markets not stifling them.
Responding to criticism that the Bank is overreaching, Dr. Asiama said the measures, including restrictions on large cash withdrawals from foreign currency accounts, are necessary to plug loopholes and prevent abuse.
“These are standard practices in regulated markets globally,” he said. “We’re simply tightening rules to ensure efficiency, transparency, and stability.”
He cited investigations that uncovered attempts by some corporates to withdraw up to $10 million in cash despite making payments abroad electronically.
“There’s no justification for that. These transactions should go through proper channels.”
Individuals, he clarified, will still be allowed to access modest sums through their banks, based on need.
Dr. Asiama also revealed worrying intelligence about large undeclared cash exports, which undermine the financial system and anti-money laundering efforts.
“It’s our duty to ensure such movements are declared and traceable.”
He dismissed claims that the Bank acted without consultation, noting that the measures were discussed extensively with bank CEOs.
“The banks aren’t objecting because they were part of the process. This is about setting clear boundaries for a well-functioning market.”
