By: Roberta Gayode Modin
The Bank of Ghana (BoG) has responded to growing public interest following comments by BoG board member and Bolgatanga Central MP, Isaac Adongo, suggesting tighter restrictions on over-the-counter (OTC) U.S. dollar withdrawals from banks and financial institutions.
Speaking ahead of his appearance on PM Express with Evans Mensah, Mr. Adongo claimed that the Central Bank was planning to significantly restrict OTC dollar withdrawals in a bid to stabilise the Ghanaian cedi.
“If you put your dollars in a bank account, it is okay. We are happy with that. You can only get dollars if indeed you are going to use them for a dollar-denominated transaction.”
He further emphasised the Bank’s regulatory authority, stating:
“The Central Bank’s role includes regulating the use of our legal tender. When you request dollars, we’ll provide cedis instead.”
However, in a swift move to clarify the situation, the Bank of Ghana issued an official statement, reiterating that no changes have been made to the existing foreign exchange regulations.
According to the BoG:
- Over-the-counter cash withdrawals in foreign currency from Foreign Exchange Accounts (FEA) and Foreign Currency Accounts (FCA) remain permitted.
- Non-account holders can still purchase foreign exchange for travel purposes, capped at US$10,000 per person per trip, with a valid passport, visa, and confirmed ticket.
- Chequebooks and cheque transactions on FEA and FCA accounts are still allowed.
- The BoG stressed that it has not contemplated any review of these current measures.
The Central Bank is urging all banks and the general public to adhere to the existing guidelines and disregard speculative claims.
