Amidst swirling rumors and public apprehension regarding potential restrictions on accessing U.S. dollars, the Ghana Association of Bankers (GAB) has stepped forward to offer clarity. The concerns arose following remarks made by a Bank of Ghana (BoG) board member, Dr. Isaac Adongo, sparking worries about possible limitations on dollar withdrawals in Ghana. However, according to John Awuah, Chief Executive of the GAB, banks have received no such directive from the central bank to suspend over-the-counter foreign currency withdrawals. This assurance aims to dispel any misconceptions and provide a clear understanding of the relationship between commercial banks and the Bank of Ghana.

The Ghana Association of Bankers has moved to address the increasing public anxiety stemming from comments suggesting an impending halt to dollar withdrawals. The unease was triggered by statements made by Dr. Isaac Adongo, a board member of the Bank of Ghana, during an appearance on JoyNews’ PM Express. These remarks hinted at a potential restriction on accessing dollars, prompting immediate concern among account holders and businesses alike.

In response to these concerns, John Awuah, Chief Executive of the GAB, issued a firm statement to clarify the situation. “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 stated, aiming to reassure the public. He emphasized that the banking sector operates strictly on formal directives issued by the Bank of Ghana, and not on individual opinions expressed by board members. This distinction is crucial in understanding how policies are implemented within the banking system.

Mr. Awuah further elaborated on the formal communication channels between banks and the Bank of Ghana, emphasizing that directives are received directly from the central bank under the authority of the Governor. “With all due respect to the board member who spoke, Dr Isaac Adongo, that as banks, we do not take instructions from individual board directors or Bank of Ghana, never. We do not take instructions from directors of the board. We take instructions from the bank, the bank here being the Bank of Ghana, under the pen of the Governor,” he explained. This hierarchical structure ensures that policies are implemented consistently across all banks.

While there is no blanket prohibition on foreign currency withdrawals, customers are still required to provide legitimate justification for needing to withdraw foreign currencies. According to Mr. Awuah, this requirement is in place to ensure transparency and prevent illicit activities. “You cannot just show up and withdraw foreign currency without justification. But there is no blanket prohibition,” he clarified. This measure helps maintain accountability while still allowing individuals and businesses to access foreign currency when needed for legitimate purposes.

The GAB CEO also commented on the recent positive performance of the Ghana cedi, noting its stability and appreciation against the dollar. “We’ve witnessed fantastic currency performance. As a community, we must help sustain this stability,” Awuah stated, highlighting the importance of collective efforts in maintaining economic stability. He further acknowledged the Bank of Ghana’s measures, including tightened regulations, which have contributed to the cedi’s appreciation. These combined efforts aim to create a more stable economic environment for businesses and individuals alike.

In summary, the Ghana Association of Bankers has firmly stated that there is no halt to dollar withdrawals, providing much-needed clarity on the Bank of Ghana’s position. As the Ghana cedi stability continues to improve, the GAB encourages the public to cooperate in maintaining this positive trend by adhering to formal banking procedures for all foreign currency transactions. This collaborative approach is essential for fostering a stable and prosperous economic future for Ghana.