Recent weeks have seen mounting confusion regarding the rules governing dollar withdrawals in Ghana, leaving many Ghanaians and businesses uncertain about accessing their foreign currency. The Bank of Ghana (BoG), the nation’s central bank responsible for regulating foreign exchange transactions, has stepped in to clarify the situation. Contrary to some reports, the BoG maintains that the existing regulations concerning over-the-counter (OTC) Dollar Withdrawals Ghana remain firmly in place. This clarification aims to dispel any misunderstandings stemming from recent, sometimes contradictory, public statements.

The Bank of Ghana’s intervention is particularly timely given the anxieties surrounding access to foreign currency in the current economic climate.

According to the Bank of Ghana, the current regulations regarding foreign exchange withdrawals are as follows:

Over-the-counter cash withdrawals in foreign currency from Foreign Exchange Accounts (FEA) and Foreign Currency Accounts (FCA) are permitted. The central bank has explicitly stated that individuals and businesses holding these types of accounts can continue to withdraw dollars, euros, and other foreign currencies at their respective bank branches, subject to existing banking procedures.

For individuals who do not hold FEA or FCA accounts but require foreign exchange for travel outside Ghana, the Bank of Ghana permits forex purchases. However, these purchases are capped at US$10,000 or its equivalent per person per trip. As stated in BoG Notice BG/GOV/SEC/2014/09, these transactions require supporting documentation, including a valid passport, visa, and confirmed travel ticket.

The Bank of Ghana has also clarified the rules surrounding cheque usage. Cheques and cheque books may continue to be issued on both FEA and FCA accounts, providing account holders with a familiar and convenient method for managing their foreign currency funds.

Crucially, the Bank of Ghana has emphasized that it has no intentions of altering the existing regulations governing foreign exchange withdrawals. “The bank has not contemplated reviewing these existing measures,” the BoG stated firmly, seeking to reassure the public and financial institutions alike.

The need for this clarification arose following contradictory statements from various sources, creating uncertainty within the banking sector and among the general public. One such statement came from Isaac Adongo, a member of the Bank of Ghana’s board. During an appearance on PM Express, Adongo suggested that the central bank was planning to intensify restrictions on OTC US dollar withdrawals. “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,” he said.

However, Adongo’s announcement was quickly countered by the Ghana Association of Bankers (GAB), whose CEO, John Awuah, stated that the association had received no such directive from the Bank of Ghana. “I can say on authority that as a community of banks, we do not have any directive that bars over-the-counter withdrawal of USD or any foreign currency,” Awuah clarified. These conflicting accounts understandably led to confusion and anxiety among bank customers.

Given the conflicting information, the Bank of Ghana’s clarification serves as the definitive guide for banks and the public. It’s crucial for all stakeholders to adhere to the official notice issued by the BoG to ensure compliance and avoid any disruptions to foreign exchange transactions.

The fact that Dollar Withdrawals Ghana are still permitted, according to the central bank, provides some relief to businesses that rely on foreign currency to facilitate international trade, and to individuals who may require dollars for travel, education, or healthcare expenses abroad.

In summary, the Bank of Ghana has affirmed that the existing rules on dollar withdrawals remain unchanged, dispelling recent confusion caused by conflicting statements. While some sources suggested tighter restrictions, the BoG has clarified its position, emphasizing that over-the-counter dollar withdrawals from FEA and FCA accounts are still permitted, and that forex purchases for travel remain capped at US$10,000. It is essential for banks and the public to adhere to the official BoG directive to avoid any misunderstandings or compliance issues. For further clarification, individuals are encouraged to consult with their respective banks.