The Bank of Ghana has officially clarified that over-the-counter (OTC) cash withdrawals in foreign currency from Foreign Exchange Accounts (FEA) and Foreign Currency Accounts (FCA) remain permitted under existing regulations, dispelling confusion that arose following remarks by Bank of Ghana Board Member Dr. Isaac Adongo suggesting a suspension on such withdrawals.
In a formal notice released today, May 15, 2025, the central bank reaffirmed that OTC foreign currency withdrawals from FEA and FCA accounts are allowed without interruption. For those without these accounts, foreign currency purchases for travel outside Ghana remain capped at US$10,000 or its equivalent per person per trip, contingent on valid travel documentation such as a passport, visa, and confirmed ticket.
The issuance of cheques and cheque books on these accounts will also continue as normal. The Bank of Ghana emphasized that it currently has no plans to amend these measures and urged banks and the public to adhere strictly to the existing rules.
This clarification follows statements from the Ghana Association of Bankers (GAB), which firmly rejected the notion that banks had been instructed to suspend OTC foreign currency withdrawals. GAB’s Chief Executive, John Awuah, made it clear that banks only act on formal directives issued directly by the Bank of Ghana, not on comments made by individual board members.
“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,” Mr. Awuah stated.
Speaking on JoyNews Prime, Mr. Awuah stressed the importance of respecting the formal chain of command, noting, “With all due respect to the board member who spoke, Dr Isaac Adongo, as banks, we do not take instructions from individual board directors of Bank of Ghana, never. We take instructions from the bank, the bank here being the Bank of Ghana, under the pen of the Governor.”
While customers are required to provide legitimate reasons for withdrawing foreign currency, Mr. Awuah reiterated that “there is no blanket prohibition. You cannot just show up and withdraw foreign currency without justification. But there is no blanket prohibition.”
Both the Bank of Ghana and the Ghana Association of Bankers highlighted recent improvements in the Ghanaian cedi’s stability, with Mr. Awuah noting, that they “witnessed fantastic currency performance. As a community, we must help sustain this stability.”
These remarks come amid ongoing regulatory efforts to stabilize the cedi and mitigate currency volatility, as the local currency continues to appreciate against the US dollar.
Through this joint clarification, the Bank of Ghana and the Ghana Association of Bankers seek to reassure the public and banking sector that foreign currency withdrawal rules remain unchanged. The Bank of Ghana reiterates that over-the-counter cash withdrawals in foreign currency from Foreign Exchange Accounts and Foreign Currency Accounts are fully allowed, and that current limits on forex purchases for travel continue to apply as per existing regulations.
The central bank urges all banks and customers to adhere strictly to these established guidelines to maintain stability and order in the foreign exchange market.
