Editorial: Existing rules on foreign exchange withdrawals remain unchanged - BoG

The Bank of Ghana (BoG) has clarified its position on currency regulations. This comes after months of efforts to stabilize the local currency. The cedi is currently appreciating against the dollar.

There has been public speculation about potential restrictions on dollar access. Mr. Adongo suggested that BoG might limit OTC dollar withdrawals. He stated, “The Bank has not contemplated reviewing these existing measures.”

All banks and the public are advised to comply with current regulations. Demand for U.S. dollars remains strong among importers and travelers.

Isaac Adongo, a BoG board member, explained this strategy aims to reduce speculative demand for dollars. Limiting access to physical dollars will help ease pressure on the cedi.

Earlier this year, the cedi was around GH₵15.50 to the US dollar. By early May 2025, it rallied impressively to GH₵13.1, its strongest level in over a year.