OTC cash withdrawals in foreign currency are allowed - BoG assure

The Bank of Ghana has clarified rules about cash withdrawals.

This includes Over-the-Counter (OTC) cash withdrawals in foreign currency.

The statement was issued by the Central Bank.

According to the statement, OTC cash withdrawals from Foreign Exchange Accounts (FEA) and Foreign Currency Accounts (FCA) are allowed. This follows the Bank of Ghana’s mandate under the Foreign Exchange Act, 2006 (Act 723).

The Central Bank also stated that cheques can still be issued for FEA and FCA accounts.

Isaac Adongo, a board member of the Central Bank, spoke with Joy News Editor Evans Mensah on PM EXPRESS. He announced that restrictions on OTC withdrawals in US dollars would increase. This is part of efforts to curb cedi depreciation.

He emphasized that the Central Bank regulates the use of legal tender. When customers request dollars, they will receive cedis instead.

In its statement, the Central Bank cautioned non-FEA and non-FCA account holders. Forex purchases for travel outside Ghana are allowed but limited to US$10,000 per person per trip.

These purchases must be supported by a valid passport, visa, and confirmed travel ticket as previously indicated.