Nothing has changed; you can still withdraw dollars over the counter – Bankers Association reacts to Isaac Adongo
The Ghana Association of Bankers has clarified that customers with foreign exchange accounts are still able to withdraw US dollars over the counter.
This follows Isaac Adongo, a board member of the Bank of Ghana's media interview with Joy News suggesting that such withdrawals are now limited to only certain transactions.
Isaac Adongo had said banks were no longer allowing customers to access dollar cash from their accounts unless the funds were intended for international transactions, such as travel or import payments. [Watch the attached video below]
Nothing has changed; you can still withdraw dollars over the counter – Bankers Association reacts to Isaac Adongo https://t.co/Mb2yqRuduJ pic.twitter.com/QTjOU1wvOW
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He claimed that in most cases, customers were being given 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,” Mr Adongo said.
“Dollars should be spent abroad, not locally. If you want to buy fufu, you’ll be given cedis.”
Reacting to these claims on the Executive Director of the Ghana Association of Bankers, Mr John Awuah, said no such instruction has been issued by the Bank of Ghana to commercial banks.
“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. “There is no blanket prohibition.”
He stressed that banks operate based on formal directives from the central bank, and not from individual board members.
“With all due respect to the board member who spoke, Dr Isaac Adongo, as banks, we do not take instructions from individual board directors of the Bank of Ghana. We take instructions from the Bank of Ghana under the pen of the Governor,” Mr Awuah stated.
He acknowledged that banks typically ask for documentation when a customer wants to purchase dollars with cedis, particularly for international travel or business.
But this, he explained, should not be confused with access to personal dollar holdings already in bank accounts.
“You cannot just show up and withdraw foreign currency without justification. But there is no blanket prohibition,” Mr Awuah reiterated.
He advised the public to rely on official communication from the Bank of Ghana on matters relating to foreign exchange, noting that commercial banks follow written directives from the regulator.
