BOG AFFIRMS NO CHANGES TO GUIDELINES ON OTC FOREIGN CURRENCY WITHDRAWALS

The Bank of Ghana (BoG) has clarified that there have been no changes to the existing rules governing over-the-counter (OTC) withdrawals of foreign currency. This statement comes amid public concerns and comments suggesting possible restrictions.

According to the central bank, account holders with Foreign Exchange Accounts (FEA) and Foreign Currency Accounts (FCA) can still access foreign currency in cash through OTC transactions, in accordance with current regulations.

Additionally, individuals who do not hold FEA or FCA accounts can continue to purchase up to US$10,000 or its equivalent per trip for international travel, provided they present a valid passport, visa, and confirmed ticket. This is consistent with the BoG’s previous directive (BG/GOV/SEC/2014/09).

The BoG also confirmed that issuing and using cheques on FEA and FCA accounts remains allowed.

The statement from the BoG emphasized that it has no intention of reviewing these existing measures at this time and urged all banks and customers to continue adhering to the current regulations.

This clarification follows earlier comments by Isaac Adongo, a BoG board member, hinting at tighter restrictions on dollar withdrawals to protect the Ghanaian cedi. However, the Ghana Association of Banks has denied receiving any such directive and reassured the public that OTC dollar withdrawals remain unaffected.