'We've not contemplated reviewing existing measures' — BoG clarifies over-the-counter foreign exchange withdrawals

The Bank of Ghana (BoG) has issued a public notice reaffirming existing policies governing foreign exchange transactions, particularly over-the-counter (OTC) cash withdrawals and travel-related forex purchases.

The notice, dated May 15, 2025, is titled “Notice on Foreign Exchange Withdrawals” (Notice No. BG/GOV/SEC/2025/14) and was signed by Ms. Sandra Thompson, Secretary to the Bank.

According to the notice, OTC foreign currency withdrawals from Foreign Exchange Accounts (FEA) and Foreign Currency Accounts (FCA) remain permitted under the current regulations. “Over-the-counter (OTC) cash withdrawals in foreign currency from Foreign Exchange Accounts (FEA) and Foreign Currency Accounts (FCA) are allowed,” the statement confirmed.

The central bank also reiterated its position on forex purchases for international travel by individuals who do not hold FEA or FCA accounts. These individuals are permitted to purchase foreign currency up to a maximum of US$10,000—or its equivalent—for each trip. However, such transactions must be supported by a valid passport, visa, and a confirmed travel ticket, in line with BoG’s earlier notice BG/GOV/SEC/2014/09.

The BoG clarified that cheque books may continue to be issued and used for FEA and FCA accounts, indicating no changes to current cheque issuance practices.

The BoG dismissed any rumours suggesting potential reviews or changes to these policies. “The Bank has not contemplated reviewing these existing measures,” the notice emphasized, urging all banks and members of the public to take note and comply accordingly.

This announcement comes amid growing public speculation about possible tightening of forex regulations, a concern that the central bank appears keen to dispel with this clarification.

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 dollars 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.”