The Bank of Ghana (BoG) has firmly stated that there has been no change to its existing guidelines on over-the-counter (OTC) foreign currency withdrawals, dismissing concerns over a possible restriction on dollar access in the country.
Addressing the matter in an interview with Channel One TV’s Bernard Avle, Ernest Nii Sowah Ahulu, Head of the Financial Market Department at BoG, emphasised the need for clarity on the issue, reassuring the public that they can access their funds without restrictions.
“The issue was about restrictions on the ability to withdraw foreign currencies at the bank. We haven’t changed or issued a new guideline replacing the existing one, and we felt that we needed to clarify that for the public to be confident that they can have access to their dollars when they want to withdraw,” Mr. Ahulu stated.
The clarification follows debates sparked by comments from Isaac Adongo, Member of Parliament for Bolgatanga Central and a Board Member of BoG, suggesting tighter withdrawal controls to stabilize the Ghana cedi.
However, the central bank has refuted those claims, maintaining that foreign currency withdrawals remain permissible under current regulations.
The BoG reiterated that OTC cash withdrawals from Foreign Exchange Accounts (FEA) and Foreign Currency Accounts (FCA) remain in effect, and banks are expected to comply with these guidelines.
Additionally, travelers without FEA or FCA accounts may purchase up to $10,000 per trip, provided they meet regulatory requirements, including passport and visa verification.
BoG has urged the public to remain assured of continued access to foreign currency services while reaffirming its commitment to maintaining stability in the financial sector.
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BoG: Over-the-Counter Dollar withdrawals still permitted