|
Getting your Trinity Audio player ready...
|
The Bank of Ghana (BoG) has clarified that there is no prohibition on over-the-counter (OTC) cash withdrawals in foreign currencies, dismissing speculation and political commentary suggesting otherwise.
In an official statement released on Thursday, May 15, the Central Bank reaffirmed that such withdrawals remain fully permitted under Ghana’s current foreign exchange regulations. “Over-the-counter (OTC) cash withdrawals in foreign currency from Foreign Exchange Accounts (FEA) and Foreign Currency Accounts (FCA) are allowed,” the statement read.
This clarification comes amid rising public debate following comments by Isaac Adongo, the Member of Parliament for Bolgatanga Central and a Board Member of the BoG. Adongo had claimed the Bank was preparing to tighten access to dollar cash withdrawals in an effort to stabilise the cedi, a claim now directly contradicted by the Central Bank’s notice.
The BoG also reminded the public that individuals who do not hold FEA or FCA accounts can still access foreign exchange for travel, up to US$10,000 per person per trip. Such transactions must be supported by a valid passport, visa, and confirmed travel documents, in accordance with BoG Notice No. BG/GOV/SEC/2014/09.
Additionally, the Bank assured customers that cheques and cheque books can still be issued on both FEA and FCA accounts, indicating that normal banking operations for foreign currency accounts remain unchanged.
The BoG emphasized that there has been no policy shift or planned changes regarding these foreign exchange arrangements and advised all banks and the general public to comply with the existing guidelines. The statement comes amid heightened concerns about dollar accessibility, especially as demand remains strong despite some recent gains by the cedi.
Email Daily Mail GH: stories@dailymailgh.com or
Whatsapp: +233(0)509928122
