BoG: Over-the-Counter Dollar withdrawals still permitted

The Bank of Ghana (BoG) has clarified that there is no ban on over-the-counter (OTC) cash withdrawals in foreign currency from bank accounts, amid public speculation and political commentary about a possible clampdown on dollar access in the country.

In an official notice issued on Thursday, May 15, the Central Bank reaffirmed 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 clarification comes in response to recent public debates sparked by remarks from Isaac Adongo, Member of Parliament for Bolgatanga Central and a Board Member of the Bank of Ghana.

Adongo had suggested that the central bank was planning to intensify restrictions on OTC dollar withdrawals to help stabilise the Ghana cedi. However, the BoG’s official position contradicts those claims.

According to the BoG, 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, in line with BoG Notice No. BG/GOV/SEC/2014/09.

Cheques and cheque books may continue to be issued on FEA and FCA accounts,” the central bank added, reinforcing the continuity of banking services for foreign currency accounts.

Most notably, the Bank emphasized that there has been no review or change to these existing measures.

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’s latest clarification follows growing public concern over access to foreign exchange, especially in light of the recent volatility of the cedi.

While the currency has seen some appreciation in recent weeks, the demand for U.S. dollars remains strong for importers, travellers, and international businesses.

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