The Bank of Ghana (BoG) has officially clarified that there is no ban on over-the-counter (OTC) withdrawals of foreign currency from bank accounts, following rising speculation and political commentary suggesting otherwise.
This comes as a reassuranceto both individuals and businesses that rely on foreign exchange transactions for travel and commerce.
In an official notice issued on Thursday, May 15, the Central Bank dispelled concerns of a clampdown on U.S. dollar access in the banking sector. The BoG reiterated that withdrawals in foreign currency remain permissible under Ghana’s existing foreign exchange regulations.
“Over-the-counter (OTC) cash withdrawals in foreign currency from Foreign Exchange Accounts (FEA) and Foreign Currency Accounts (FCA) are allowed,” the Bank of Ghana stated.
The Central Bank emphasized that there has been no review or change to its current measures regulating foreign exchange transactions. “The Bank has not contemplated reviewing these existing measures. All banks and the public are advised to take note and comply accordingly,” the statement added.
The BoG’s statement follows recent public discourse triggered by comments from Isaac Adongo, Member of Parliament for Bolgatanga Central and a Board Member of the Bank of Ghana. Mr. Adongo had implied that the Central Bank was planning to impose stricter controls on OTC U.S. dollar withdrawals to help stabilize the depreciating cedi.
However, the BoG has unequivocally refuted these claims, urging the public not to misinterpret individual opinions as official policy. The clarification underscores the need for verified information, especially on financial matters that affect both individuals and the business community.
Provision for Non-FEA and Non-FCA Account Holders
The Central Bank also clarified the procedures for individuals without foreign exchange accounts. According to the BoG, such account holders may still access foreign exchange for legitimate travel purposes. This facility is subject to regulatory guidelines including documentation.
“Account holders with non-FEA and non-FCA accounts may also purchase foreign exchange for travel purposes—up to a maximum of US$10,000 per person per trip—provided the transaction is supported by a valid passport, visa, and confirmed travel ticket,” the BoG noted, referencing Notice No. BG/GOV/SEC/2014/09.
This provision ensures that ordinary travellers are not left out of the system and can still access foreign exchange in a regulated and transparent manner.
In addition to OTC cash withdrawals, the BoG confirmed that cheque transactions remain operational for foreign currency accounts. This means that account holders can continue to issue and use cheque books linked to their FEA and FCA accounts without any hindrance.
“Cheques and cheque books may continue to be issued on FEA and FCA accounts,” the central bank added, emphasizing the continuity of essential banking services.
Shortly before the BoG’s statement, the Ghana Association of Bankers (GAB) also issued a similar clarification. The move was prompted by increasing public concern over access to OTC dollar transactions, particularly following Mr. Adongo’s remarks.
According to Mr. John Awuah, Chief Executive Officer of the GAB, no official directive has been issued to halt such withdrawals.
“All licensed banks continue to operate within the existing regulatory framework that allows foreign currency withdrawals when properly justified,” he confirmed.
This joint affirmation from both the regulatory authority and the industry body brings much-needed clarity to the banking sector and foreign exchange market in Ghana.
Reassurance Amid Cedi Volatility
The BoG’s timely clarification arrives in the wake of fluctuating performance of the Ghanaian cedi on the forex market. While the currency has shown some signs of appreciation recently, demand for U.S. dollars remains high—particularly from importers, international businesses, and travellers.
The Central Bank’s decision to maintain existing measures signals a commitment to regulatory stability while meeting legitimate foreign exchange needs.
The Bank of Ghana’s reaffirmation that over-the-counter dollar withdrawals remain lawful and unimpeded offers critical reassurance to the public and banking institutions. As speculation and misinformation threaten to erode public trust, clear and authoritative communication such as this is vital in maintaining stability in the financial ecosystem.
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