The Bank of Ghana (BoG) has clarified that existing rules on foreign exchange withdrawals remain in force.
This follows claims by BoG board member and Bolgatanga Central MP, Isaac Adongo, who disclosed plans to intensify restrictions on over-the-counter US dollar withdrawals from financial institutions. He said the move was part of efforts to curb cedi depreciation.
However, the Ghana Association of Bankers (GAB) said no such directive had been issued to the banks by the BoG.
In a public notice, the Central Bank emphasized that over-the-counter (OTC) cash withdrawals in foreign currency from Foreign Exchange Accounts (FEA) and Foreign Currency Accounts (FCA) are still permitted.
“For non-FEA and non-FCA account holders, forex purchases for travel outside Ghana are allowed but capped at US$10,000 or its equivalent per person per trip,” the bank added.
The BoG explained that such transactions must be backed by a valid passport, visa, and a confirmed travel ticket, in accordance with BoG Notice BG/GOV/SEC/2014/09.
The notice also confirmed that cheques and cheque books may continue to be issued on both FEA and FCA accounts.
“The Bank has not contemplated reviewing these existing measures,” the statement concluded.
All banks and the general public have been urged to take note and comply accordingly.
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