BoG: No change to OTC foreign currency withdrawal guidelines

The Bank of Ghana (BoG) has confirmed that its guidelines on over-the-counter (OTC) foreign currency withdrawals remain unchanged.

This statement addresses concerns about possible restrictions on dollar access in the country.

In an interview with Channel One TV, Ernest Nii Sowah Ahulu spoke on the issue. He is the Head of the Financial Market Department at BoG.

Ahulu reassured the public that they can access their funds without restrictions.

He said, “We haven’t changed or issued a new guideline replacing the existing one.”

This clarification comes after comments from Isaac Adongo, a Member of Parliament. He suggested tighter withdrawal controls to stabilize the Ghana cedi.

However, BoG refuted those claims and confirmed that foreign currency withdrawals are still allowed under current regulations.

The bank reiterated that OTC cash withdrawals from Foreign Exchange Accounts (FEA) and Foreign Currency Accounts (FCA) are still in effect.

Banks must comply with these guidelines.

Travelers without FEA or FCA accounts can purchase up to $10,000 per trip. They must meet regulatory requirements like passport and visa verification.

BoG urged the public to feel assured about continued access to foreign currency services.

They reaffirmed their commitment to maintaining stability in the financial sector.