Over-the-counter dollar withdrawal rules remain unchanged-BoG
In an official notice dated May 15, 2025, and signed by the Bank’s Secretary, Sandra Thompson, the central bank reaffirmed that no new rules have been introduced restricting access to funds in foreign currency accounts.
The Bank of Ghana has clarified that customers holding Foreign Exchange Accounts (FEA) and Foreign Currency Accounts (FCA) can still withdraw foreign currency directly over the counter, contrary to recent media speculation.
In an official notice dated May 15, 2025, and signed by the Bank’s Secretary, Sandra Thompson, the central bank reaffirmed that no new rules have been introduced restricting access to funds in foreign currency accounts.
The clarification follows public confusion sparked by comments made by Bank of Ghana board member Isaac Adongo during a televised interview. Adongo had suggested that banks were limiting dollar withdrawals to only those conducting international transactions such as travel or imports, and were otherwise offering customers the cedi equivalent.
However, this assertion was promptly refuted by both the Bank of Ghana and the Ghana Association of Bankers. John Awuah, Chief Executive of the Association, emphasized that no such directive had been issued by the central bank and that commercial banks continue to honor legitimate foreign currency withdrawals as normal.
The central bank also used the opportunity to reiterate longstanding policies issued in 2014. According to the notice, individuals who do not hold foreign currency accounts may still purchase up to $10,000 (or its equivalent) for travel purposes, provided they present a valid passport, visa, and a confirmed travel ticket.
Additionally, the Bank of Ghana confirmed that the issuance and usage of cheques and cheque books for FEA and FCA accounts remain unchanged, and all existing protocols are still in effect.
