The Bank of Ghana (BoG) has issued a statement to clarify its policy on over-the-counter (OTC) cash withdrawals in foreign currency.
This comes after a controversy sparked by a statement from a BoG board member, Issac Adongo, claiming that OTC withdrawals were not allowed.
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However, the Bankers Association refuted this claim, stating that no such directive had been received from the Central Bank.
To set the record straight, the BoG has issued a statement outlining its policy on foreign currency transactions.
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According to the statement, signed by Secretary Sandra Thompson on May 15, the BoG permits:
- Over-the-counter (OTC) cash withdrawals in foreign currency from Foreign Exchange Accounts (FEA) and Foreign Currency Accounts (FCA).
- Forex purchases for travel outside Ghana by non-FEA and non-FCA account holders, capped at US$10,000 or its equivalent per person per trip. This must be supported by a valid passport, visa, and confirmed travel ticket.
- Cheques and cheque books to be issued on FEA and FCA accounts.
The BoG has not contemplated reviewing these existing measures.
All banks and the public are advised to take note and comply accordingly.
