You can withdraw dollars over the counter – BoG clarifies

by clement nhytira addai  Top Knowledge TV | May 15, 2025

The Bank of Ghana (BoG) has officially clarified that individuals and businesses can legally withdraw U.S. dollars and other foreign currencies over the counter from their Foreign Exchange (FX) accounts and Foreign Currency Accounts (FCA) at commercial banks across the country.

The clarification comes in response to growing public confusion and speculation over social media and in the business community, with some suggesting that foreign currency withdrawals were being restricted or banned.

BoG Sets the Record Straight

In a statement issued earlier this week, the central bank emphasized that there is no ban on foreign currency withdrawals and that account holders remain entitled to access their funds at their discretion, subject to standard banking procedures and anti-money laundering protocols.

“The Bank of Ghana wishes to inform the general public that there is no policy prohibiting the withdrawal of foreign exchange cash over the counter,” the statement read. “Customers with legitimate FX needs are encouraged to engage with their banks for assistance, in line with existing foreign exchange rules.”

What Prompted the Clarification?

The BoG’s announcement follows recent viral posts and media reports alleging that customers had been denied access to U.S. dollar withdrawals, leading to widespread speculation about forex shortages and tighter monetary controls.

The central bank, however, clarified that while foreign exchange resources are managed prudently, there has been no directive to commercial banks to block withdrawals. It added that instances of customers being asked to provide documentation for large forex transactions were in line with global banking standards to ensure proper usage and compliance.

Business Community Responds

The clarification has been welcomed by importers, exporters, and forex-dependent businesses, who feared that a restriction would disrupt trade operations, increase black market activity, and weaken investor confidence.

“We are relieved by the central bank’s assurance. Access to FX is critical for our operations, and clarity on such policies is essential to maintain trust in the financial system,” said Ama Boateng, a logistics company manager in Accra.

BoG Encourages Proper Use

While reaffirming that withdrawals are allowed, the Bank of Ghana also reminded the public that foreign exchange is a national asset, and it must be used judiciously and for bona fide transactions, such as tuition, medical treatment abroad, travel, or genuine business needs.

BoG urged customers to continue using the banking system rather than resorting to informal currency traders, whose activities often contribute to exchange rate volatility.