The Bank of Ghana has reaffirmed its foreign exchange withdrawal policies in a public notice issued today, seeking to calm speculation following recent comments by the Ranking Member on Parliament’s Finance Committee, Isaac Adongo.
The central bank’s notice, signed by Secretary Sandra Thompson, confirms that over-the-counter (OTC) cash withdrawals in foreign currency from Foreign Exchange Accounts (FEA) and Foreign Currency Accounts (FCA) remain permitted.
Furthermore, the BoG clarified that individuals without such accounts can still purchase foreign currency for travel purposes, subject to a cap of US$10,000 per person per trip. This must be supported by a valid passport, visa, and confirmed travel ticket — requirements unchanged since 2014.
“Cheques and cheque books may continue to be issued on FEA and FCA accounts,” the notice added. Importantly, the Bank emphasized that it has not contemplated reviewing these existing measures, hinting at concerns that recent political commentary may have misrepresented the status quo.
Though the notice made no direct mention of Mr. Adongo, it comes just days after he accused the BoG of quietly restricting foreign currency access and worsening Ghana’s liquidity situation.
The Member of Parliament, who was recently appointed as a board member of the Central Bank, had claimed that the central bank was “tightening forex rules through the backdoor” amid pressure on the cedi.
Banks and the public have been advised to note the clarification and comply with the standing regulations accordingly.
