The Ghanaian government has defended its decision to limit foreign exchange withdrawals in an effort to halt the fall in its own currency, the cedi.


Foreign currency account holders have been limited to withdrawals of USD10,000, which must be accompanied by evidence of an overseas trip.

The cedi has fallen to a record low in recent days.

Central Bank Governor Kofi Wampah has further raised the country’s interest rates to 18 percent to attract more investment.

Ghana is the latest emerging market whose currency has crashed recently.

The country has also been hit by falls in the prices of its two major exports: gold and cocoa.

The cedi has lost about 23 percent of its value over the past year.

Government critics say the problems have been exacerbated by high public spending and mismanagement.

In addition to the limit of foreign exchange withdrawals, banks would not be allowed to grant loans in foreign currencies to customers who are only paid in cedis.