BoG: Over-the-Counter Dollar withdrawals still permitted

The Bank of Ghana (BoG) has clarified a key issue. There is no ban on over-the-counter (OTC) cash withdrawals in foreign currency. This announcement comes amid public speculation about access to dollars.

On May 15, the Central Bank issued an official notice. It reaffirmed that foreign currency withdrawals are allowed under current regulations. “Over-the-counter cash withdrawals in foreign currency from Foreign Exchange Accounts and Foreign Currency Accounts are permitted,” the BoG stated.

This clarification responds to comments from Isaac Adongo, an MP and BoG Board Member. He suggested that the central bank might restrict OTC dollar withdrawals to stabilize the cedi. However, the BoG's statement contradicts his claims.

The BoG also noted that account holders without Foreign Exchange Accounts can buy foreign currency for travel. They can withdraw up to US$10,000 per person per trip with proper documentation. This includes a valid passport, visa, and confirmed travel ticket.

Additionally, cheques can still be issued on Foreign Exchange Accounts and Foreign Currency Accounts. The central bank emphasized that there have been no changes to these measures.

“The Bank has not contemplated reviewing these existing measures,” it said. All banks and the public should take note and comply accordingly.

This clarification comes as concerns grow over access to foreign exchange. The recent volatility of the cedi has heightened these worries. While the cedi has appreciated recently, demand for U.S. dollars remains strong among importers and travelers.