You can withdraw dollars over the counter – BoG clarifies

The Bank of Ghana (BoG) has clarified its rules on foreign exchange withdrawals.

In a notice issued on May 15, the bank confirmed that cash withdrawals in foreign currency are still allowed. This applies to Foreign Exchange Accounts (FEA) and Foreign Currency Accounts (FCA).

For those without FEA or FCA accounts, forex purchases for travel are permitted. However, these purchases are limited to US$10,000 per person per trip. Valid passports, visas, and confirmed travel tickets are required.

The BoG also stated that cheques can still be issued from both FEA and FCA accounts.

Despite public speculation, the central bank emphasized that no changes have been made to these measures. “The bank has not contemplated reviewing these existing measures,” it said.

The BoG urged all banks and the public to comply with these rules. This clarification follows comments from Isaac Adongo, a BoG board member.

Adongo suggested tightening restrictions on over-the-counter US dollar withdrawals. He stated that dollars can only be withdrawn for dollar-denominated transactions.

However, the Ghana Association of Bankers (GAB) disagreed with Adongo's claims. They said banks had received no directive regarding withdrawal restrictions.

John Awuah, GAB's Chief Executive, told JoyNews that there is no directive against over-the-counter USD withdrawals.