Bank of Ghana Confirms Continued Access to OTC Forex Withdrawals
The Bank of Ghana (BoG) has reaffirmed its existing guidelines on foreign exchange transactions, emphasizing that over-the-counter (OTC) withdrawals in foreign currency remain permissible for holders of Foreign Exchange Accounts (FEA) and Foreign Currency Accounts (FCA).
The reaffirmation follows contradictory statements made by Member of Parliament for Bolgatanga Central and Board Member of the Bank of Ghana (BoG), Isaac Adongo and President of the Ghana Association of Banks (GAB), John Awuah on over-the-counter withdrawals of dollars.
Mr Adongo in a recent interview hinted at the Central Bank intensifying restrictions and possibly ban over-the-counter (OTC) US dollar withdrawals from financial institutions as part of efforts to curb cedi depreciation.
An assertion which has subsequently been challenged by the President of GAB, Mr Awuah who has stated that no such plans or directive has been communicated to banks by the Central Bank, hence OTC dollar withdrawals from banks is still allowed.
The Central Bank in the notice issued on Thursday, May 15, 2025, stated, “Pursuant to the Bank of Ghana’s mandate under the Foreign Exchange Act, 2006 (Act 723) and associated Notices, the Bank of Ghana wishes to inform the public that Over-the-counter (OTC) cash withdrawals in foreign currency from Foreign Exchange Accounts (FEA) and Foreign Currency Accounts (FCA) are allowed.”
The Central Bank in the notice further reiterated that forex purchases for travel purposes by non-FEA and non-FCA account holders are still allowed, but remain capped at US$10,000 or its equivalent per person per trip.
Such transactions, the Bank stated, must be backed by valid documentation, including a passport, visa, and a confirmed travel ticket, in line with provisions in BoG Notice No. BG/GOV/SEC/2014/09.
Additionally, BoG clarified that cheques and cheque books may continue to be issued on FEA and FCA accounts, dismissing any speculations about changes to current foreign exchange withdrawal regulations.
“The Bank has not contemplated reviewing these existing measures,” the notice emphasized.
The Central Bank urged all licensed banks and the general public to comply strictly with the provisions of the Foreign Exchange Act, 2006 (Act 723) and its associated directives.
