The Bank of Ghana (BoG) has issued a public clarification that customers are permitted to make over-the-counter (OTC) cash withdrawals in foreign currency from their Foreign Exchange Accounts (FEA) and Foreign Currency Accounts (FCA), dismissing recent concerns that such transactions could be restricted.
This follows remarks made by Isaac Adongo, a board member of the central bank and Member of Parliament for Bolgatanga Central, who suggested that the BoG was preparing to implement tighter measures to regulate OTC US dollar withdrawals. He explained that the aim was to support the cedi’s ongoing appreciation by ensuring foreign currency withdrawals are aligned with legitimate dollar-denominated transactions.
“If you put your dollars in the bank account, it is okay. We are happy with that; you can only get dollars if indeed you are going to use them for a dollar-denominated transaction,” Mr. Adongo said during an appearance on PM Express on JoyNews.
He added, “When you request dollars, we’ll provide cedis instead.”
However, the BoG, in a statement dated May 15, firmly stated that it “has not contemplated reviewing these existing measures,” reaffirming the continued allowance of OTC cash withdrawals in foreign currency under the current guidelines.
In the same release, the central bank announced a new cap on foreign exchange purchases for travel purposes. Non-FEA and non-FCA account holders will now be limited to a maximum of US$10,000 or its equivalent per person per trip. Travelers seeking such funds must provide a valid passport, visa, and confirmed ticket, in line with BOG Notice No. BG/GOV/SEC/2014/09.
Additionally, the BoG noted that FEA and FCA account holders may continue to issue cheques and use cheque books as usual.
The BoG’s intervention comes at a time when the Ghana cedi has seen notable gains, being named by Bloomberg as the world’s best-performing currency after appreciating nearly 16% against the US dollar since April.
As of close of trading on May 14, commercial bank interbank rates showed the dollar buying at GH₵12.44 and selling at GH₵12.45. The British pound was trading at GH₵16.55 (buy) and GH₵16.57 (sell), while the euro was being bought at GH₵13.95 and sold at GH₵13.96.
The cedi’s recent performance has prompted calls from stakeholders urging businesses to adjust the prices of goods and services to reflect the currency’s strengthening value.
