BoG clarifies over-the-counter dollar withdrawals remain unchanged

The Bank of Ghana has clarified that customers with Foreign Exchange Accounts (FEA) and Foreign Currency Accounts (FCA) can still withdraw foreign currency over the counter, adding that no new restrictions have been introduced.

This clarification was issued in a notice dated May 15, 2025, and signed by the Secretary of the Bank, Sandra Thompson.

The notice follows public commentary sparked by remarks made by Mr Isaac Adongo, a member of the Bank’s board, during a television interview.

Mr Adongo suggested that commercial banks were limiting over-the-counter dollar withdrawals to specific international transactions such as travel or imports.

He claimed that customers without a stated international purpose were being offered the cedi equivalent instead. “You can’t just take dollars over the counter from a dollar account; you’ll be given the cedi equivalent instead,” he said.

Responding to these comments, the Ghana Association of Bankers said no such directive had come from the central bank. Its Chief Executive Officer, Mr John Awuah, stated that banks are still processing foreign currency withdrawals, provided customers have a legitimate reason.

“Nothing has changed. You can still walk into your bank and withdraw dollars from your foreign exchange account, provided you have a legitimate reason,” Mr Awuah said.

He added that commercial banks follow official instructions issued by the Governor of the Bank of Ghana, not informal remarks from individual board members.

The Bank’s notice also reiterated guidelines introduced in 2014. It confirmed that individuals without FEA or FCA accounts may still purchase up to $10,000 or its equivalent in foreign currency for travel outside Ghana.

This must be supported by a valid passport, visa, and confirmed travel ticket.

The Bank further stated that the use of cheques and cheque books for FEA and FCA accounts remains unchanged, with all current procedures still in place.

Mr Awuah explained that while banks may ask for documentation when customers convert cedis into foreign currency for purposes such as travel or business, this requirement does not apply to customers withdrawing funds already held in foreign currency accounts.

He advised the public to refer to official notices issued by the Bank of Ghana and cautioned against relying on statements that have not been formally communicated by the central bank.