Bank of Ghana Set to Restrict OTC Dollar Withdrawals

Bank of Ghana Set to Restrict Over-the-Counter Dollar Withdrawals to Sustain Cedi Gains

As part of its larger attempts to sustain the Ghanaian cedi’s recent strong performance, the Bank of Ghana (BoG) is getting ready to impose more stringent rules on over-the-counter (OTC) withdrawals in US dollars. In a recent appearance on Joy News, Isaac Adongo, a member of the BoG board and the MP for Bolgatanga Central, made this announcement.

Adongo claims that although Ghanaians are free to keep their US dollars in bank accounts, they would not have as much access to actual dollar cash at bank counters. Only validated, valid dollar-denominated transactions will be eligible for withdrawals.“We are okay with people depositing dollars into banks, but you can only withdraw if it is for an actual foreign payment,” Adongo explained.

The goal of this action is to reduce needless demand for the US dollar, which fuels pressure on the local currency to depreciate. Additionally, the policy is a purposeful attempt to curb speculative behavior, which frequently results in currency hoarding. Adongo stressed that coming forward, unless there is legitimate paperwork proving a need for foreign exchange, the central bank will give priority to issuing cedis rather than dollars when consumers make requests.

The cedi’s significant surge, which saw it rise from about GH₵15.50 per dollar earlier in 2025 to about GH₵13.1 in May, makes it one of the best-performing currencies in the world this year and serves as the backdrop for this regulatory tightening. The sharp growth in the cedi’s value has emphasized Ghana’s aggressive economic management and boosted trust in the country’s monetary policy.

Beyond monetary constraints, however, a number of other reasons are contributing to the cedi’s recovery, according to financial analysts. Dr. Richmond Atuahene, an economist and banking expert, stated that the currency’s recovery has been aided by better cocoa export revenue, more remittance inflows, and general fiscal restraint.

Dr. Atuahene stated on Channel One TV’s Point of View that remittances have been essential in increasing liquidity, which has allowed banks to better satisfy domestic cedi demand. Ghana’s cocoa industry has also experienced tremendous expansion, as global prices have increased over the past year from $4,825 to almost $8,000 per metric tonne.

He concluded that while gold-backed initiatives have helped, they are not solely responsible for the cedi’s current strength. “You cannot attribute it all to gold. It’s remittances, cocoa, disciplined spending, and monetary tightening that are stabilizing the cedi,” he added.

With the BoG’s upcoming policy change, Ghana’s monetary authorities are sending a clear message: they are committed to protecting the cedi’s value and ensuring that foreign currency use in the economy is targeted, necessary, and well-regulated.

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