The Bank of Ghana (BoG) has officially dispelled rumours suggesting a ban on over-the-counter (OTC) foreign currency withdrawals, following heightened public speculation and political commentary on potential restrictions aimed at stabilising the Ghana cedi.
In a statement released on Thursday, May 15, the central bank clarified that OTC cash withdrawals in foreign currencies from both Foreign Exchange Accounts (FEA) and Foreign Currency Accounts (FCA) remain fully permissible under the country’s current 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 statement affirmed.
The clarification comes in response to recent remarks by Isaac Adongo, Member of Parliament for Bolgatanga Central and a Board Member of the Bank of Ghana, who suggested that the BoG was considering tightening access to OTC dollar withdrawals to support the cedi. However, the Bank has strongly denied any such move.
In addition, the BoG reiterated that non-FEA and non-FCA account holders may also purchase up to US$10,000 for travel purposes per trip, in accordance with BoG Notice No. BG/GOV/SEC/2014/09.
Such purchases must be supported by a valid passport, visa, and confirmed travel ticket.
The Bank further assured the public that cheques and cheque books remain available for foreign currency accounts, and that no changes have been made or are being considered to alter the current regulatory framework.
“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.
This announcement comes amid rising public concern over foreign exchange access due to recent volatility in the cedi.
Despite some gains in recent weeks, demand for U.S. dollars remains high among importers, international travellers, and businesses.
