The Bank of Ghana (BoG) is stepping up efforts to clean up the financial sector and ensure a steady supply of foreign exchange to keep importers and exporters in business.

Sources close to the central bank told Citi Business News that commercial banks have been directed to suspend over-the-counter forex withdrawals in a bid to ease supply pressure.

The Central Bank’s move follows a high-level meeting between Governor Dr. Johnson Asiama and the Importers and Exporters Association of Ghana, amid mounting complaints of forex shortages at commercial banks—shortages that have driven many traders to the black market at crippling rates.

During the meeting, the Association flagged concerns over bank deductions on forex transactions and called for a review of the USD 10,000 withdrawal cap, which it described as a major obstacle for genuine importers.

In response, the Bank of Ghana revealed that a committee is currently reviewing the Foreign Exchange Act and related policies to fix challenges in the forex market.

The Association, while commending the central bank for stabilising the cedi and improving Ghana’s macroeconomic outlook, also appealed for further interventions to ease the burden on businesses.