The Bank of Ghana (BoG) has addressed and rectified recent claims suggesting a ban on over-the-counter (OTC) withdrawals of foreign currency, stating unequivocally that such withdrawals are still allowed.
In an official statement, the central bank affirmed that OTC cash withdrawals in foreign currency from Foreign Exchange Accounts (FEA) and Foreign Currency Accounts (FCA) remain permitted under Ghana’s existing foreign exchange regulations.
“Over-the-counter (OTC) cash withdrawals in foreign currency from Foreign Exchange Accounts (FEA) and Foreign Currency Accounts (FCA) are allowed,” the statement read.
This clarification comes in response to recent comments by the Member of Parliament for Bolgatanga Central and Board Member of the Bank of Ghana, Isaac Adongo, who had suggested that the BoG intended to tighten restrictions on OTC dollar withdrawals in an effort to stabilize the Ghana Cedi.
However, the BoG’s official statement contradicts these claims.The central bank further explained that individuals who do not hold FEA or FCA accounts may still purchase foreign exchange for travel purposes, subject to a limit of $10,000 per person per trip. Such transactions must be supported by a valid passport, visa, and confirmed travel ticket, in accordance with BoG Notice No. BG/GOV/SEC/2014/09
“For non-FEA and non-FCA account holders, forex purchases for travel outside Ghana are allowed but capped at US$10,000 or its equivalent per person per trip. This must be supported by a valid passport, visa, and confirmed travel ticket as indicated in BOG Notice No. BG/GOV/SEC/2014/09,” the statement read
Cheques and cheque books remain valid for use on Foreign Exchange Accounts (FEA) and Foreign Currency Accounts (FCA), according to the Bank of Ghana.The central bank clarified that there are no restrictions on this mode of transaction.This ensures continued flexibility and access for account holders managing foreign currency.
The Bank of Ghana assured the public and banking institutions that no changes have been made, and there is no contemplated review of the existing foreign exchange regulations.
Story by: Salomey Barnor