BoG clarifies foreign exchange withdrawal rules

The Bank of Ghana has clarified the rules for foreign exchange withdrawals.

In a press release dated May 15, 2025, Secretary Sandra Thompson signed the statement. The Bank reaffirmed existing measures for foreign exchange transactions.

According to the notice, "Over-the-counter (OTC) cash withdrawals in foreign currency from Foreign Exchange Accounts (FEA) and Foreign Currency Accounts (FCA) are allowed." This means account holders can withdraw foreign currency over the counter.

For those without FEA or FCA accounts, forex purchases for travel outside Ghana are permitted. However, these purchases are capped at $10,000 or its equivalent per person per trip. A valid passport, visa, and confirmed travel ticket must support this purchase.

The Bank of Ghana also confirmed that "Cheques and cheque books may continue to be issued on FEA and FCA accounts."

Additionally, the notice states that there will be no review of these existing measures. This indicates that current rules will remain unchanged.

The Bank advised all banks and the public to take note and comply with these regulations.