Political and social activist Ivan Kyei Innocent has expressed concern over the Bank of Ghana’s new directive requiring individuals who work remotely for foreign companies to convert their dollar earnings into cedis before making withdrawals.

Speaking on CTV’s “Oman Ghana Nkosuo” morning show with Obaapa Yaa Titi, Kyei described the policy as counterproductive, arguing that it could push people to hoard dollars at home, thereby worsening the scarcity of foreign currency and increasing pressure on the cedi.

According to him, while the Bank of Ghana’s efforts to protect the cedi from further depreciation are commendable, the current approach unfairly affects Ghanaians who legitimately earn in foreign currencies.

He noted that these individuals should be allowed to withdraw their funds in dollars, especially since foreign account holders already have that privilege.

“This policy will only encourage people to buy and keep dollars, making them even scarcer in the system,” Kyei warned.

He also highlighted the disparity in exchange rates among banks as a major reason remote workers prefer to withdraw their earnings in dollars rather than cedis.

“Some banks pay 11 cedis per dollar, while others pay 12.

This inconsistency discourages people from converting their money,” he added.

Mr Kyei concluded that Ghana’s currency stability will not come from restrictive monetary directives but from boosting local production and reducing imports.

“The only sustainable way to stabilise the cedi is to produce more and export more.

We must develop a long-term strategy focused on self-sufficiency,” he said.

He urged the Bank of Ghana to reconsider its approach, emphasising that remote workers earning in dollars contribute positively to the economy by bringing foreign exchange into the country.