The Ghana Association of Banks (GAB) has commended the Bank of Ghana (BoG) for issuing a timely and necessary statement clarifying its stance on Over-the-Counter (OTC) foreign currency withdrawals.

According to the Association, the central bank’s statement helped stabilize the banking sector and restore confidence among depositors following some growing public anxiety.

The Chief Executive Officer of the Ghana Association of Banks, Mr. John Awuah, stated that the BoG’s intervention was crucial in averting potential disruptions that were beginning to develop across the banking system. “The statement of the Bank of Ghana was timely,” he said, adding that it had “gone a long way in dealing with some disruptions that were developing due to earlier comments on the Over-the-Counter withdrawals.”

The controversy stemmed from comments made by a BoG board member, Mr. Isaac Adongo, during a media interview. These comments reportedly triggered some panic withdrawals, with customers fearing that new restrictions might be placed on their ability to access foreign currency from banks.

Unusual Movements Observed on May 15

Mr. Awuah revealed that the banking sector experienced some irregular activity following Mr. Adongo’s remarks. “May 15, 2025, we observed some unusual movement, which we attribute to the interview granted by the Bank of Ghana board member, Isaac Adongo,” he said. These movements included spikes in foreign currency withdrawals and increased inquiries from customers concerned about their deposits.

In response, the Ghana Association of Banks moved quickly to reassure customers, issuing a public statement to affirm the integrity of the financial system and calm rising tensions. The CEO emphasized that the banks acted promptly to protect customer confidence and prevent any further escalation.

The GAB is urging all depositors, particularly those holding foreign currency accounts, to remain calm. Mr. Awuah reiterated that the banks continue to operate within the regulatory framework set by the central bank and have not imposed any new limitations on legitimate withdrawals.

“All customers should remain calm and confident in the integrity of the banking system,” Mr. Awuah stated. “Banks continue to operate within the regulatory framework provided by the Bank of Ghana, and remain committed to facilitating legitimate foreign currency needs of individuals and businesses.”

He noted that the Ghanaian banking sector remains stable and committed to serving the needs of customers. By reinforcing their compliance with BoG guidelines, banks aim to eliminate any misconceptions that may have arisen from the earlier statements.

Banks Reaffirm Support for Legitimate Foreign Currency Needs

The Ghana Association of Banks also used the opportunity to reassure both individual and business clients that their rights to access foreign currency for legitimate transactions will be respected and protected. “We are therefore assuring that banks in Ghana remain fully committed to upholding the rights of customers with respect to legitimate foreign currency needs of individuals and businesses,” Mr. Awuah concluded.

This firm assurance, coming directly from the top of the banking association, is expected to ease fears among depositors and reduce any volatility that may have been triggered by speculative concerns.

The prompt response by the Bank of Ghana and the Ghana Association of Banks likely prevented a widespread crisis of confidence in the financial system. By swiftly addressing misinformation and urging calm, both institutions demonstrated their commitment to financial stability.