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Last week, the Bank of Ghana announced a 5% fee on dollar cash withdrawals from dollar bank accounts. Some banks have even stopped allowing dollar cash withdrawals altogether. This is a massive blow for both businesses and regular people. Let me break down why in a few simple points. And then show how I use stablecoins to protect myself from problems like this.
๐พ๐๐ ๐ ๐ ๐ฎ๐๐๐๐๐๐๐๐ ๐๐๐๐ ๐ ๐๐๐๐๐๐?
The Ghana Cedi trades like a shitcoin. Over the past two years it's swung from 11 to the dollar, up to 16, back to 10 and now it's sitting around 12. Beause of that volatility, many businesses and people prefer to hold dollars and transact in dollar terms.
๐ฐ๐ ๐๐๐๐๐โ๐ ๐ ๐๐๐ ๐๐ ๐ ๐๐๐๐๐ ๐๐๐๐ ๐๐๐๐๐ ๐๐๐๐๐๐, ๐๐๐ ๐๐๐ ๐๐๐๐ ๐๐๐ ๐ ๐๐๐๐ , ๐๐ ๐๐๐๐ ๐๐๐ ๐๐๐ ๐๐ ๐๐๐ ๐๐๐๐ ๐๐๐๐ ๐๐๐ ๐ ๐๐๐๐๐๐ ๐๐ ๐๐๐ ๐๐๐๐๐๐?
The Bank of Ghana set an official dollar-cedi exchange rate that's much worse than the street rate. So if you withdraw cedis from your dollar account, you get far less than what your dollars are actually worth on the open market.
Paying with a card isnโt much better. You still get hit with the bad rate. And thatโs if the payment even goes through. Lots of cases where dollar card payments fail because a bank is โlow on dollars.โ
๐พ๐๐ ๐๐๐ ๐๐๐๐๐๐๐๐๐๐๐ ๐๐๐๐๐๐?
This announcement is just the latest reason Iโll never use a Ghanaian bank, or any bank in this region. At home, I bank myself with stablecoins.
I keep USDC in my self-custody wallet. When I need to spend, I swap stables for cedis straight into my mobile money account at the real street rate, which is far better than what the banks give.
The value is simple: I control my money. I can spend it whenever and however I want, on fair terms. Thatโs how it should be.
(For context: mobile money is basically digital cash tied to your SIM cardโitโs what everyone here uses. I used to cash out with Binance P2P, but these days I use Accrue)
Last week, the Bank of Ghana announced a 5% fee on dollar cash withdrawals from dollar bank accounts. Some banks have even stopped allowing dollar cash withdrawals altogether. This is a massive blow for both businesses and regular people. Let me break down why in a few simple points. And then show how I use stablecoins to protect myself from problems like this.
๐พ๐๐ ๐ ๐ ๐ฎ๐๐๐๐๐๐๐๐ ๐๐๐๐ ๐ ๐๐๐๐๐๐?
The Ghana Cedi trades like a shitcoin. Over the past two years it's swung from 11 to the dollar, up to 16, back to 10 and now it's sitting around 12. Beause of that volatility, many businesses and people prefer to hold dollars and transact in dollar terms.
๐ฐ๐ ๐๐๐๐๐โ๐ ๐ ๐๐๐ ๐๐ ๐ ๐๐๐๐๐ ๐๐๐๐ ๐๐๐๐๐ ๐๐๐๐๐๐, ๐๐๐ ๐๐๐ ๐๐๐๐ ๐๐๐ ๐ ๐๐๐๐ , ๐๐ ๐๐๐๐ ๐๐๐ ๐๐๐ ๐๐ ๐๐๐ ๐๐๐๐ ๐๐๐๐ ๐๐๐ ๐ ๐๐๐๐๐๐ ๐๐ ๐๐๐ ๐๐๐๐๐๐?
The Bank of Ghana set an official dollar-cedi exchange rate that's much worse than the street rate. So if you withdraw cedis from your dollar account, you get far less than what your dollars are actually worth on the open market.
Paying with a card isnโt much better. You still get hit with the bad rate. And thatโs if the payment even goes through. Lots of cases where dollar card payments fail because a bank is โlow on dollars.โ
๐พ๐๐ ๐๐๐ ๐๐๐๐๐๐๐๐๐๐๐ ๐๐๐๐๐๐?
This announcement is just the latest reason Iโll never use a Ghanaian bank, or any bank in this region. At home, I bank myself with stablecoins.
I keep USDC in my self-custody wallet. When I need to spend, I swap stables for cedis straight into my mobile money account at the real street rate, which is far better than what the banks give.
The value is simple: I control my money. I can spend it whenever and however I want, on fair terms. Thatโs how it should be.
(For context: mobile money is basically digital cash tied to your SIM cardโitโs what everyone here uses. I used to cash out with Binance P2P, but these days I use Accrue)
โข โข โข
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