You can Still Withdraw Dollars Over the Counter - BoG Assures

May 16, 2025 - 01:52

Accra, Ghana - 16 May, 2025 - The Bank of Ghana (BoG) has issued a public notice to clarify that existing rules on foreign exchange withdrawals remain unchanged, amid growing speculation about potential restrictions.

The central bank emphasized that over-the-counter (OTC) cash withdrawals in foreign currency from Foreign Exchange Accounts (FEA) and Foreign Currency Accounts (FCA) are still permitted.

“For non-FEA and non-FCA account holders, forex purchases for travel outside Ghana are allowed but capped at US$10,000 or its equivalent per person per trip,” portions of the notice read.

According to the BoG, non-account holders can purchase foreign exchange for travel purposes, subject to a cap of $10,000 or its equivalent per person per trip, provided they have a valid passport, visa, and confirmed travel ticket.

The bank also confirmed that cheques and cheque books can continue to be issued on both FEA and FCA accounts.

The clarification comes after Isaac Adongo, a member of the BoG board, suggested plans to intensify restrictions on OTC US dollar withdrawals.

However, the Ghana Association of Bankers (GAB) contradicted Adongo's claims, stating that banks had received no such directive from the BoG.

“The bank has not contemplated reviewing these existing measures,” BoG emphasized.

The BoG's notice aims to dispel confusion and reassure the public that existing measures remain in place.

The central bank has advised all banks and the general public to take note and comply accordingly, emphasizing that it has not contemplated reviewing these existing measures.

Read the Notice from the Bank of Ghana below;