In an effort to dispel any misunderstandings regarding the subject, the Bank of Ghana (BOG) has stated that the current regulations regarding foreign exchange withdrawals are unaltered.
The apex bank emphasized in a public notice released on Thursday, May 15, that foreign currency cash withdrawals made over-the-counter (OTC) from Foreign Currency Accounts (FCA) and Foreign Exchange Accounts (FEA) are still allowed.
“For non-FEA and non-FCA account holders, forex purchases for travel outside Ghana are allowed but capped at US$10,000 or its equivalent per person per trip,” the bank stated.
According to BOG Notice BG/GOV/SEC/2014/09, such transactions must be supported by a valid passport, visa, and confirmed travel ticket.
Additionally, the notice affirmed that checks and checkbooks could still be issued on both FCA and FEA accounts.
Despite rumors circulating in the public, the central bank clarified that it has not altered these measures.
“The bank has not contemplated reviewing these existing measures,” the statement read.
All banks and the general public have been advised by the BOG to take note and abide by this.
This clarification was made the day after BOG board member Isaac Adongo revealed plans to tighten regulations on financial institutions’ over-the-counter US dollar withdrawals.
Adongo clarified in an interview with Evans Mensah on PM Express, “If you put your dollars in the bank account, it is okay. We are happy with that; you can only get dollars if indeed you are going to use them for a dollar-denominated transaction.”
By Najat Adamu
