The Bank of Ghana (BoG) is set to introduce a number of measures to quell the magnitude of over-the-counter US dollar withdrawals.

A board member of the central bank, Isaac Adongo, noted that this measure, coming at a time when the cedi is recording a significant amount of appreciation against major foreign currencies, forms part of the bank’s role to regulate the use of the legal tender.

Speaking in an interview on JoyNews’ PM Express, he said; “If you put your dollars in the bank account, it is okay. We are happy with that; you can only get dollars if indeed you are going to use them for a dollar-denominated transaction.”

The Member of Parliament of Bolgatanga Central added; “When you request dollars, we'll provide cedis instead."

The Ghana cedi has been recognized by Bloomberg as the world’s best-performing currency, having appreciated nearly 16% against the US dollar since April.

The average interbank rates used by commercial banks for transactions at the close of business, 14th May, show the US dollar buying at GH₵12.44 and selling at GH₵12.45. The British pound is buying at GH₵16.55 and selling at GH₵16.57. The euro is currently being bought at GH₵13.95 and sold at GH₵13.96.

Following the appreciation of the cedi, there have been calls by stakeholders for traders to revise the prices of the goods and services to reflect the gains.