Foreign Currency Withdrawals Still Allowed – BoG

By: Solomon Nartey Tetteh

The Bank of Ghana (BoG) has clarified that there are no new restrictions on cash withdrawals in foreign currency from Foreign Exchange Accounts (FEAs) and Foreign Currency Accounts (FCAs), assuring the public that such transactions remain permitted.

This clarification follows recent public comments by the Member of Parliament for Bolgatanga Central and Board Member of the Bank of Ghana, Mr. Isaac Adongo, who suggested that the central bank was considering tighter controls on dollar withdrawals.

According to him, the move would be part of broader efforts to stabilize the Ghanaian Cedi against major international currencies. His remarks sparked concern among account holders and market observers, prompting questions about the possible implications for foreign currency account holders, businesses, and importers who depend on foreign exchange for their operations.

However, the President of the Ghana Bankers Association, Mr. John Awuah, firmly refuted the claims. In a media interview, Mr. Awuah stated: “No such directive has been issued by the Bank of Ghana,” assuring the public that there has been no change in policy regarding access to foreign currency in either individual or corporate accounts.

Supporting this position, the Bank of Ghana issued an official statement reaffirming its current policy.

“The Bank wishes to state that it has not contemplated reviewing the current arrangements on foreign exchange withdrawals,” the statement read.

The BoG urged the public to disregard speculative reports or unofficial statements that could trigger unnecessary panic or spread misinformation within the banking sector. The central bank also emphasized its continued commitment to stabilizing the local currency through various measures, including targeted interventions in the forex market and efforts to boost export earnings.