We’re not planning to stop over-the-counter dollar withdrawals; it’s still allowed — BoG

The Bank of Ghana (BoG) has clarified that over-the-counter (OTC) withdrawals from foreign currency accounts are still permitted under its existing financial measures.

This follows comments made by Dr. Isaac Adongo, a board member of the Bank of Ghana, during an interview with Joy News aired on Wednesday, May 14, where he claimed that banks can no longer allow customers to withdraw physical U.S. dollar cash unless it is 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,” Dr. Adongo said.

“Dollars should be spent abroad, not locally. If you want to buy fufu, you’ll be given cedis,” he added.

However, in a statement issued on Thursday, May 15, the central bank refuted the claim, stating: “Over-the-counter (OTC) cash withdrawals in foreign currency from Foreign Exchange Accounts (FEA) and Foreign Currency Accounts (FCA) are allowed.”

The statement, signed by the Bank’s Secretary, Sandra Thompson, further explained that non-FEA and non-FCA account holders can purchase foreign exchange for travel outside Ghana, up to a cap of US$10,000 or its equivalent per person per trip.

Such purchases, it added, must be supported by a valid passport, visa, and confirmed travel ticket, in accordance with Bank of Ghana guidelines.

The statement also clarified that cheques and cheque books may continue to be issued on FEA and FCA accounts.

“The Bank has not contemplated reviewing these existing measures. All banks and the public are advised to take note and comply accordingly,” the statement stressed.