Bank of Ghana Reaffirms Existing Foreign Exchange Withdrawal Policies Amid Public Speculation
The Bank of Ghana (BoG) has issued a public notice reaffirming its existing policies on foreign exchange withdrawals, clarifying that there have been no changes to over-the-counter (OTC) cash withdrawal rules for foreign currency accounts. This clarification comes in response to recent public discourse suggesting potential policy shifts.
In the notice titled “Notice on Foreign Exchange Withdrawals” (Notice No. BG/GOV/SEC/2025/14), dated May 15, 2025, and signed by the Bank’s Secretary, Ms. Sandra Thompson, the BoG emphasized that OTC cash withdrawals in foreign currency from Foreign Exchange Accounts (FEA) and Foreign Currency Accounts (FCA) remain permissible under current regulations.
No New Withdrawal Limits for Foreign Currency Accounts
Additionally, the BoG reiterated that individuals without FEA or FCA accounts are allowed to purchase foreign currency up to a maximum of US$10,000—or its equivalent—for each trip abroad. Such transactions must be supported by a valid passport, visa, and a confirmed travel ticket, in line with BoG’s earlier notice BG/GOV/SEC/2014/09.
The Bank also confirmed that cheques and cheque books may continue to be issued and used for FEA and FCA accounts, indicating no changes to current cheque issuance practices.
Response to Public Concerns
This clarification follows public commentary sparked by remarks made by Mr. Isaac Adongo, a member of the Bank’s board, during a television interview. Mr. Adongo suggested that commercial banks were limiting OTC dollar withdrawals to specific international transactions such as travel or imports, and that customers without a stated international purpose were being offered the cedi equivalent instead.
Responding to these comments, the Ghana Association of Bankers stated that banks are still processing foreign currency withdrawals, provided customers have a legitimate reason. Its Chief Executive Officer, Mr. John Awuah, clarified that no directive had come from the central bank to restrict OTC foreign currency withdrawals.
The BoG’s reaffirmation aims to dispel any confusion and ensure that both financial institutions and the public are accurately informed about the current foreign exchange withdrawal policies.
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