No ban on over-the-counter dollar withdrawals – Bankers Association

The Ghana Bankers Association has denied claims about restricting over-the-counter (OTC) withdrawals of foreign currencies. This includes U.S. dollars from banks in Ghana.

The clarification comes after comments by Isaac Adongo, a Member of Parliament. He suggested that the Bank of Ghana was planning to tighten controls on dollar withdrawals. This was said to help stabilize the Ghanaian Cedi.

John Awuah, President of the Bankers Association, stated that no such directive exists. He spoke on the Citi Breakfast Show on May 15, 2025.

Awuah said, “We have not received any directive from the Bank of Ghana.” He emphasized that operations will remain unchanged until a formal directive is issued.

He also noted that banks follow existing legal and regulatory frameworks. No official changes have been made regarding access to foreign currency.

“We operate under Act 721 of 2006,” he explained. This act may be reviewed but remains the guiding document for operations.

Awuah confirmed there are due diligence procedures in place. However, account holders with legitimate needs can still access foreign currency as usual.

“You cannot just walk into a bank and say ‘I want to withdraw Dollars’,” he added. Customers will be asked questions about their needs.

If you have a legitimate reason for needing foreign currency, you will receive it. You can purchase foreign currency from the bank for valid transactions as well.