Bank of Ghana clarifies Foreign Exchange withdrawal rules

The Bank of Ghana has reaffirmed its existing regulations on foreign exchange withdrawals under its mandate from the Foreign Exchange Act, 2006 (Act 723).

In a notice dated May 15, 2025, the central bank clarified that over-the-counter (OTC) cash withdrawals in foreign currency from Foreign Exchange Accounts (FEA) and Foreign Currency Accounts (FCA) remain permitted.

Additionally, the Bank stated that individuals without FEA or FCA accounts may purchase foreign currency for travel purposes, up to a limit of $10,000 per trip. These transactions must be supported by a valid passport, visa, and a confirmed travel ticket, in line with previous directives.

The Bank also emphasized that cheques and cheque books may continue to be issued on FEA and FCA accounts, and noted that there are currently no plans to review these measures.

All banks and members of the public are urged to take note and comply accordingly.

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