The Bank of Ghana (BoG) has issued a clarification regarding over-the-counter (OTC) cash withdrawals in foreign currency from bank accounts.
Amid public speculation and political commentary about possible restrictions on dollar access, the central bank reaffirmed that withdrawals in foreign currency remain permissible under existing regulations.
“Over-the-counter (OTC) cash withdrawals in foreign currency from Foreign Exchange Accounts (FEA) and Foreign Currency Accounts (FCA) are allowed,” the BoG stated in an official notice issued on May 15.
The clarification comes in response to remarks made by Isaac Adongo, Member of Parliament for Bolgatanga Central and a BoG Board Member, suggesting that the central bank was planning to intensify restrictions on OTC dollar withdrawals.
According to the BoG, account holders with non-FEA and non-FCA accounts can purchase foreign exchange for travel purposes up to $10,000 per person per trip, provided they have a valid passport, visa, and confirmed travel ticket.
“Cheques and cheque books may continue to be issued on FEA and FCA accounts,” the central bank added.
The BoG emphasized that there has been no review or change to existing measures, stating, “The Bank has not contemplated reviewing these existing measures. All banks and the public are advised to take note and comply accordingly.”
This clarification aims to alleviate growing public concern over access to foreign exchange amid recent cedi volatility. While the cedi has appreciated in recent weeks, demand for US dollars remains strong among importers, travelers, and international businesses.
Below is the full statement issued by Bank of Ghana.
