The Bank of Ghana (BoG) has said claims that over-the-counter (OTC) cash withdrawals in foreign currency from bank accounts have been banned are misleading.
In a press statement on May 15, the bank noted that withdrawals in foreign currency remain permissible under Ghana’s existing foreign exchange regulations.
“Over-the-counter (OTC) cash withdrawals in foreign currency from Foreign Exchange Accounts (FEA) and Foreign Currency Accounts (FCA) are allowed,” parts of the statement read.
This comes after the Member of Parliament for Bolgatanga Central, Isaac Adongo, and a Board Member of the Bank of Ghana noted that the central bank was planning to intensify restrictions on OTC dollar withdrawals to help stabilise the Ghana cedi.
Reports have noted that the claims have triggered some forms of panic among the business community.
According to the BoG, account holders with non-FEA and non-FCA accounts may also purchase foreign exchange for travel purposes—up to a maximum of US$10,000 per person per trip—provided the transaction is supported by a valid passport, visa, and confirmed travel ticket, in line with BoG Notice No. BG/GOV/SEC/2014/09.
“Cheques and cheque books may continue to be issued on FEA and FCA accounts,” the central bank added, reinforcing the continuity of banking services for foreign currency accounts.”
Emphasising this position, the Bank said there has been no review or change to these existing measures.
“The Bank has not contemplated reviewing these existing measures. All banks and the public are advised to take note and comply accordingly.”
The recent appreciation of the cedi against the dollar has kept the business community on edge as the currency continues to gain daily.
Speculation during these times could have a lasting impact on its performance.
SSD/SA
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