Gideon Boako, a deputy ranking member on the parliamentary Finance Committee, said some commercial banks could soon begin rejecting certain foreign exchange deposits, urging holders of U.S. dollars to deposit them before possible restrictions take effect.

In a Facebook post on Thursday (21 May), Boako, who is also the Member of Parliament for Tano North, said individuals planning to deposit foreign currency should do so promptly to avoid potentially losing the opportunity later.

“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.

Boako linked the potential development to broader financial sector pressures following recent policy measures by the governing National Democratic Congress (NDC) and the Bank of Ghana’s revision of the cash reserve ratio on foreign currency deposits.

He said his comments were intended to highlight what he described as mounting systemic risks in the economy rather than cause panic among the public.

The lawmaker did not specify which categories of foreign exchange deposits could be affected or indicate whether regulators or banks had issued any formal directive on the matter.