Dollar Withdrawals: ‘Bolga Adam Smith’ lied?

The Bank of Ghana (BoG) has publicly refuted claims made by one of its own board members, Isaac Adongo, that the Central Bank intends to impose a near-total ban on over-the-counter US dollar withdrawals from financial institutions.

Mr. Adongo, who also serves as the Member of Parliament for Bolgatanga Central, had stated during an upcoming interview on PM Express with Evans Mensah that, the BoG was preparing to strictly limit access to dollars in a bid to shore up the cedi.

“If you put your dollars in the bank account, it is okay. We are happy with that,” Adongo said.

“You can only get dollars if indeed you are going to use them for a dollar-denominated transaction,” he added, emphasising that the Central Bank’s role includes controlling the usage of foreign currency in the economy.

He further remarked, “When you request dollars, we’ll provide cedis instead,” asserting that this policy shift would reinforce the recent strength of the Ghanaian cedi, which he celebrated as the world’s best-performing currency.

However, in a swift and firm rebuttal, the BoG issued an official statement signed by the Bank’s Secretary, Sandra Thompson on Thursday, 15th May, 2025 clarifying that no such change in policy has been made or even considered.

“Over-the-counter (OTC) cash withdrawals in foreign currency from Foreign Exchange Accounts (FEA) and Foreign Currency Accounts (FCA) are allowed,” the Central Bank confirmed. The statement continued, “The Bank has not contemplated reviewing these existing measures.”

It also reiterated that for non-FEA and non-FCA account holders, foreign currency purchases for travel are still permitted – capped at US$10,000 per person per trip – provided travelers present a valid passport, visa and confirmed travel ticket.

Additionally, the BoG affirmed that cheque books may still be issued on both FEA and FCA accounts and urged all financial institutions and the general public to take note and comply with the current regulations.

Mr. Adongo’s remarks, which now appear misleading, sparked concern among market watchers and currency holders, fearing a fresh wave of forex restrictions.

The BoG’s clarification seeks to restore calm and reaffirm its commitment to transparent and consistent forex policies.

 

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