The Bank of Ghana (BoG) has clarified that individuals can still make over-the-counter (OTC) cash withdrawals in foreign currency from their bank accounts, dismissing recent speculation of a potential clampdown on access to U.S. dollars.

In a statement issued on Thursday, 15 May, the central bank said there has been no change to Ghana’s foreign exchange regulations and that such withdrawals remain fully permitted.

“Over-the-counter (OTC) cash withdrawals in foreign currency from Foreign Exchange Accounts (FEA) and Foreign Currency Accounts (FCA) are allowed,” the BoG confirmed.

The clarification follows comments made by Isaac Adongo, Member of Parliament for Bolgatanga Central and a BoG board member, suggesting that tighter restrictions on dollar withdrawals could be introduced to stabilise the Ghanaian cedi.

However, the Bank of Ghana denied any plans to tighten regulations. It also noted that individuals without FEA or FCA accounts may still purchase up to $10,000 in foreign currency for travel, provided they present valid identification, visas, and tickets, in line with existing guidelines.

“Cheques and cheque books may continue to be issued on FEA and FCA accounts,” the bank added.

The central bank emphasised that it has not considered reviewing any of the current policies and urged banks and the public to take note.

The statement comes amid renewed public concern over foreign exchange access, as demand for the U.S. dollar remains high among importers, travellers, and businesses, despite a recent modest rebound in the cedi’s value.

Source:TheDotNews