Over-the-counter dollar withdrawal: We don't take instructions from individual board directors of BoG – Bankers Association chide Isaac Adongo

The Ghana Association of Bankers has dismissed recent claims suggesting restrictions on dollar withdrawals from foreign exchange accounts, affirming that customers are still permitted to access their dollar holdings over the counter—provided they present a legitimate reason.

The Bankers indicated that they do not take instructions from individual board directors of the Bank of Ghana (BoG).

This clarification follows comments by Isaac Adongo, a board member of the Bank of Ghana, in a Joy News interview, where he asserted that banks were no longer allowing customers to withdraw physical dollar cash unless it was for international transactions such as travel or imports.

“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 statements, the Executive Director of the Ghana Association of Bankers, Mr. John Awuah, refuted the claim and emphasized that no such directive has been issued by the Bank of Ghana.

“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 explained that banks strictly adhere to formal instructions issued in writing by the Governor of the Bank of Ghana—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,” he stated.

Mr. Awuah acknowledged that it is standard procedure for banks to request supporting documents when customers seek to buy dollars with cedis, particularly for purposes such as travel or business. However, he stressed that this requirement should not be confused with access to personal foreign currency already held in bank accounts.

“You cannot just show up and withdraw foreign currency without justification. But there is no blanket prohibition,” he reiterated.

He encouraged the public to rely on official communication from the Bank of Ghana regarding foreign exchange matters, noting that commercial banks implement policies strictly based on the regulator’s written directives.