Ghana Association of Banks Denies Claims to Restrict OTC Dollar Withdrawals
The Ghana Association of Banks (GAB) has dismissed claims of an impending restriction on over-the-counter (OTC) withdrawals of foreign currencies—particularly U.S. dollars—from banks and financial institutions across the country.
This follows recent remarks by the Member of Parliament for Bolgatanga Central and Board Member of the Bank of Ghana (BoG), Isaac Adongo, suggesting that the central bank was considering tighter controls on dollar withdrawals as part of efforts to stabilise the Ghanaian cedi.
But addressing the claims in an interview on Thursday, May 15, 2025, President of the Association, John Awuah, stated emphatically that no such directive has been issued by the central bank.
“We have not received any directive from the Bank of Ghana that bars the withdrawal of foreign currency over the counter. As we have been operating in the past, as it is today, it will be the same tomorrow until such directive is formally communicated to us,” Mr Awuah stated.
He clarified that banks continue to operate within the current legal and regulatory framework, adding that no official changes have been made affecting the public’s access to foreign exchange.
“We operate under Act 721 of 2006, which may undergo some review, but that is the guiding Act. It has been updated with notices and directives from the Bank of Ghana. None of those directives stipulates the barring or discontinuation of over-the-counter foreign exchange withdrawals,” Mr Awuah said.
While acknowledging the existence of due diligence processes, he maintained that account holders with genuine and lawful needs would continue to have access to their foreign currency.
“Obviously, you cannot just walk to a bank and say ‘I want to withdraw dollars.’ You would be asked questions. If you have a legitimate need for which reason you need a foreign currency account, you will get it—it is yours. If you want to purchase foreign currency from the bank to undertake a legitimate transaction in foreign currency, you will be able to do so,” he added.
The clarification from the Association aims to quell public speculation and restore confidence in the operations of banks
