Bank of Ghana Denies New Restrictions on Dollar Withdrawals from Banks

Bank of Ghana Denies New Restrictions on Dollar Withdrawals from Banks
Accra, Ghana – Top Knowledge TV

The Bank of Ghana (BoG) has categorically denied recent claims that it has imposed new restrictions on dollar withdrawals from commercial banks across the country. This follows widespread public confusion after Isaac Adongo, Member of Parliament for Bolgatanga Central and a BoG board member, made statements suggesting such measures were being considered.

BoG Clears the Air

In an official statement released on May 15, 2025, the BoG clarified that no new directive has been issued regarding dollar withdrawals. According to the central bank, individuals and businesses can still withdraw foreign currency from their Foreign Exchange Accounts (FEA) and Foreign Currency Accounts (FCA) over the counter without any new limitations.

“The existing guidelines remain in force,” the statement read. “Account holders continue to have full access to their foreign currency, and no policy has been introduced to restrict these transactions.”

Clarifying the Confusion

The controversy began when Isaac Adongo suggested that dollar withdrawals would be limited to essential foreign payments only, such as medical bills and travel expenses, and that the BoG would offer cedi equivalents for non-priority transactions. This sparked alarm among account holders and traders who feared new capital controls.

However, BoG insists that such claims do not reflect any official position or policy of the central bank.

Banks Confirm No Changes

The Ghana Association of Banks (GAB) has also come forward to support the BoG's stance. Its president, John Awuah, confirmed that no new directive has been communicated to banks regarding restrictions on foreign currency withdrawals.

“Banks are operating under the same regulatory framework. If there were any changes, the BoG would formally notify the banking industry,” Awuah said.

What the Public Needs to Know

The BoG reassures customers that:

• They can still withdraw dollars and other foreign currencies from their accounts.

• Non-account holders are permitted to purchase up to US$10,000 for travel, provided they present valid documents (passport, visa, ticket).

• Any policy changes will be officially communicated through BoG channels.

Conclusion

The Bank of Ghana has urged the public to disregard unofficial statements and speculative reports. The central bank remains committed to ensuring transparency, regulatory clarity, and stability within the financial system.