BoG Confirms: No Ban on OTC Dollar Withdrawals in Ghana
Bank of Ghana Affirms: Over-the-Counter Dollar Withdrawals Still Allowed Amid Public Concerns
The central bank officially dispelled widespread rumors that it has banned over-the-counter (OTC) foreign currency withdrawals from individual bank accounts on Thursday, May 15, 2025, by clarifying in a notice that it has not imposed any new restrictions on cash access in foreign currency and that existing regulations still allow such transactions.
According to the notification, holders of Foreign Exchange Accounts (FEA) and Foreign Currency Accounts (FCA) are fully allowed to make over-the-counter (OTC) cash withdrawals in foreign currencies. The action comes amid increased political discourse and public debate and comes after remarks made by Isaac Adongo, MP for Bolgatanga Central and a member of the BoG Board.
In an attempt to control the volatility of the local currency, Adongo has hinted at the possibility of outlawing dollar withdrawals. However, the BoG has said unequivocally that these statements do not reflect any forthcoming or existing policy changes. The bank emphasized that no changes had been made to the present rules governing access to foreign funds from personal or business accounts.
The BoG also reiterated that people without FEA or FCA accounts can still buy foreign currency for their trip expenses, up to a maximum of $10,000 USD per person per trip. According to BoG Notice No. BG/GOV/SEC/2014/09, these transactions must be supported by a confirmed trip ticket, a valid passport, and a valid visa.
The central bank’s dedication to preserving stability and providing access to banking services in foreign currencies is further demonstrated by the bank’s clarification that account holders can still use checks and check books connected to their foreign exchange accounts.
This clarification comes as worries about the availability of dollars have increased as a result of the Ghanaian cedi’s recent volatility. The demand for the US dollar is still significant, despite the cedi’s recent modest recovery, particularly among importers, tourists, and foreign businesses doing business in the nation.
It is anticipated that the BoG’s announcement will allay market anxieties and reassure the public that no policy change is planned that would impact access to dollars for individuals or businesses. It is recommended that banks and the public continue to follow the central bank’s current rules.
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