The Bank of Ghana (BoG) has officially clarified that it has not introduced any new restrictions on over-the-counter (OTC) foreign currency withdrawals, countering speculation and media reports about a possible near-total ban.
In a public notice dated May 15, 2025, the BoG reaffirmed that individuals holding Foreign Exchange Accounts (FEA) and Foreign Currency Accounts (FCA) are still permitted to make OTC cash withdrawals in foreign currencies, including US dollars.
“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 statement noted.
These transactions must be supported by a valid passport, visa, and a confirmed travel ticket, in line with existing rules under Notice No. BG/GOV/SEC/2014/09.
The BoG also confirmed that cheques and cheque books may continue to be issued on FEA and FCA accounts without any change in policy.
“The Bank has not contemplated reviewing these existing measures,” the notice emphasized, urging all banks and the general public to adhere to the current regulations.
The clarification comes amid public discussion following comments by BoG board member and MP for Bolgatanga Central, Isaac Adongo, who had suggested in a media interview that the central bank would intensify restrictions on OTC dollar withdrawals to stabilize the cedi.
However, the BoG’s latest notice makes it clear that no new directives have been enacted and that the current regulatory framework governing foreign currency transactions remains intact.
The central bank reiterated its mandate under the Foreign Exchange Act, 2006 (Act 723), and encouraged compliance with all existing provisions.
Read the central bank’s statement below:
The post Bank of Ghana denies new restrictions on dollar withdrawals from banks first appeared on 3News.
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