The Bank of Ghana (BoG) has dismissed reports suggesting a ban on over-the-counter (OTC) foreign currency withdrawals, following public debate and political claims about a potential crackdown on access to U.S. dollars.

In a statement issued on Thursday, 15 May, the Central Bank reaffirmed that customers can continue to make cash withdrawals in foreign currency under existing foreign exchange regulations.

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

The clarification comes amid growing speculation triggered by comments from Isaac Adongo, Member of Parliament for Bolgatanga Central and a Board Member of the Bank of Ghana. Mr Adongo had suggested that the Central Bank was planning tighter controls on OTC dollar withdrawals as part of efforts to stabilise the Ghanaian cedi.

However, the BoG firmly rejected those claims, insisting no such review is under consideration.

The Bank also reminded the public that individuals without FEA or FCA accounts are still permitted to purchase foreign currency for travel—up to a maximum of US$10,000 per person per trip—provided they present a valid passport, visa, and confirmed travel ticket, in accordance with BoG Notice No. BG/GOV/SEC/2014/09.

“Cheques and cheque books may continue to be issued on FEA and FCA accounts,” the statement added, underlining that standard banking operations remain unaffected.

The Bank's clarification comes at a time of heightened concern over foreign exchange availability, particularly as the cedi faces ongoing pressure despite recent gains.

Demand for the U.S. dollar remains strong, driven by importers, international businesses, and outbound travellers.

The BoG urged commercial banks and members of the public to take note of the existing guidelines and ensure compliance, reiterating: “The Bank has not contemplated reviewing these existing measures.”