BoG: Over-the-Counter dollar withdrawals still permitted; travel limit capped at $10,000

The Bank of Ghana (BoG) has issued a new notice to clarify regulations on foreign exchange withdrawals and forex purchases, reaffirming existing measures and assuring the public that no policy changes are currently under consideration.

In a public notice issued on Thursday, May 15, the apex bank stressed that over-the-counter (OTC) cash withdrawals in foreign currency from Foreign Exchange Accounts (FEA) and Foreign Currency Accounts (FCA) are still permitted.

“Over-the-counter (OTC) cash withdrawals in foreign currency from Foreign Exchange Accounts (FEA) and Foreign Currency Accounts (FCA) are allowed.”

The BoG further noted that individuals without FEA or FCA accounts can still purchase forex for travel purposes, but these transactions are subject to a limit.

The statement added that such transactions must be backed by a valid passport, visa, and a confirmed travel ticket, in line with previous directives.

“Forex purchases for travel outside Ghana are allowed but capped at US$10,000 or its equivalent per person per trip.”

The central bank reaffirmed that cheques and cheque books may continue to be issued on FEA and FCA accounts.

Crucially, the Bank clarified that it has no immediate plans to revise the current framework.

“The Bank has not contemplated reviewing these existing measures,” the notice stated, urging all banks and the general public to take note and comply accordingly.

BoG’s latest notice serves to dispel speculation and offer assurance about the consistency of foreign exchange policies under the Foreign Exchange Act, 2006 (Act 723).

While the currency has seen some appreciation in recent weeks, the demand for U.S. dollars remains strong for importers, travellers, and international businesses.
Read also…