Dollar Withdrawals: ‘Bolga Adam Smith’ lied?

Bank of Ghana Refutes Claims by Board Member

The Bank of Ghana (BoG) has denied claims made by board member Isaac Adongo. He suggested the Central Bank plans to ban over-the-counter US dollar withdrawals.

Adongo, who is also a Member of Parliament, spoke during an interview on PM Express. He claimed the BoG would limit access to dollars to support the cedi.

He stated, “If you put your dollars in the bank account, it is okay.” He added that dollars would only be available for dollar-denominated transactions.

Adongo emphasized that the Central Bank controls foreign currency use in the economy. He also mentioned that when people request dollars, they would receive cedis instead.

In response, the BoG issued a statement on May 15, 2025. The statement was signed by Sandra Thompson, the Bank’s Secretary. It clarified that no policy changes have been made or considered.

The BoG confirmed that over-the-counter cash withdrawals from Foreign Exchange Accounts are allowed. They reiterated that existing measures remain unchanged.

For non-FEA and non-FCA account holders, foreign currency purchases for travel are still permitted. This is capped at US$10,000 per person per trip with valid documentation.

Additionally, cheque books can still be issued on both FEA and FCA accounts. The BoG urged financial institutions and the public to comply with current regulations.

Adongo's remarks raised concerns among market watchers and currency holders about potential forex restrictions. The BoG's clarification aims to restore calm and ensure consistent forex policies.