We haven't received any directive to halt over-the-counter dollar withdrawals - Bankers Association

The Ghana Association of Bankers (GAB) has made a clarification.

Banks have not received any official directive from the Bank of Ghana (BoG). This statement addresses recent comments by BoG Board Member, Dr. Isaac Adongo. He suggested a restriction on foreign currency withdrawals during an interview.

GAB Chief Executive John Awuah stated that banks do not have such a directive. He emphasized that banks only follow formal directives from the BoG, not individual board members.

Awuah said, "We do not take instructions from individual board directors." He added that instructions come from the Bank of Ghana under the Governor's authority.

He explained that customers need legitimate reasons to withdraw foreign currencies. However, there is no blanket prohibition against these withdrawals.

"You cannot just show up and withdraw foreign currency without justification," he noted.

Mr. Awuah stressed the importance of formal communication between banks and the central bank.

He reiterated, "Our directives come from the Bank of Ghana under the Governor's authority."

Awuah also discussed recent improvements in currency stability. He mentioned, "We've witnessed fantastic currency performance."

He urged public cooperation to maintain the cedi's gains as a community effort.

This clarification comes after months of BoG efforts to stabilize the local currency. The cedi continues to appreciate against the dollar due to tightened regulations.