The Bank of Ghana (BoG) has firmly stated that there is “no ban” on over-the-counter (OTC) cash withdrawals in foreign currencies from bank accounts, following growing speculation and political commentary about alleged dollar access restrictions.
In a statement issued on Thursday, May 15, the Central Bank reaffirmed that under Ghana’s foreign exchange regulations, such transactions remain legal and unaffected.
“Over-the-counter (OTC) cash withdrawals in foreign currency from Foreign Exchange Accounts (FEA) and Foreign Currency Accounts (FCA) are allowed,” the BoG said.
This clarification was prompted by comments made by Isaac Adongo, Member of Parliament for Bolgatanga Central and a Board Member of the BoG, who had hinted at an impending tightening of OTC dollar withdrawals as part of efforts to stabilise the local currency.
However, the BoG has directly contradicted these remarks, stressing that “The Bank has not contemplated reviewing these existing measures. All banks and the public are advised to take note and comply accordingly.”
The central bank also reminded account holders that they can still buy up to US$10,000 per trip for travel purposes, provided they show a valid passport, visa, and ticket.
The public notice aims to quell rising concerns about foreign currency availability in light of the cedi’s recent fluctuations. Though the cedi has seen modest gains, demand for dollars remains high among importers, travellers, and international traders.
The BoG further assured that other services, such as the issuance of cheque books for FEA and FCA accounts, remain unchanged—underscoring the message that no new restrictions are in place.
