BoG has not contemplated reviewing existing measures on over-the-counter cash withdrawals in foreign currency
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.
According to the BoG, the decision is in line with the Foreign Exchange Act, 2006 (Act 723), and is intended to control foreign exchange outflows.
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.
Attached below is a copy of the BoG notice
NOTICE ON FOREIGN EXCHANGE WITHDRAWALS
NOTICE NO.BG/GOV/SEC/2025/14
Pursuant to the Bank of Ghana's mandate under the Foreign Exchange Act, 2006 (Act 723) and associated Notices, the Bank of Ghana wishes to inform the public as follows:
i. Over-the-counter (OTC) cash withdrawals in foreign currency from Foreign Exchange Accounts (FEA) and Foreign Currency Accounts (FCA) are allowed.
ii. 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 BG/GOV/SEC/2014/09. in BOG Notice No.
iii. Cheques and cheque books may continue to be issued on FEA and FCA
accounts.iv. The Bank has not contemplated reviewing these existing measures.
All banks and the public are advised to take note and comply accordingly.
Responding to Isaac Adongo's 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.
