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BoG affirms dollar withdrawals at counters, sets $10,000 cap on forex for travel
BoG affirms dollar withdrawals at counters, sets $10,000 cap on forex for travel
By: Nii Ammui Fio | 2 mins read
The Bank of Ghana (BoG) has clarified that individuals can still make over-the-counter (OTC) cash withdrawals in foreign currency from their Foreign Exchange Accounts (FEA) and Foreign Currency Accounts (FCA), despite suggestions that such transactions might soon face new restrictions.
This statement from the central bank comes in response to recent comments by Isaac Adongo, a member of the BoG Board and the Member of Parliament for Bolgatanga Central. He had indicated that the BoG was considering measures to curb the frequency of OTC US dollar withdrawals as part of efforts to protect the local currency.
Speaking on PM Express on JoyNews, Mr. Adongo explained:“If you put your dollars in the bank account, it is okay. We are happy with that; you can only get dollars if indeed you are going to use them for a dollar-denominated transaction.”He further stated, “When you request dollars, we'll provide cedis instead."
But in a press release dated May 15, the BoG emphasized that there are no plans to alter the current rules, stating clearly that “the Bank has not contemplated reviewing these existing measures.”
In addition, the BoG has introduced a cap on foreign exchange purchases for travelers without FEA or FCA accounts. Such individuals can now access up to US$10,000 or its equivalent per person per trip. This transaction must be backed by a valid passport, visa, and a confirmed travel ticket, in line with BoG Notice No. BG/GOV/SEC/2014/09.
The BoG also confirmed that cheque books remain valid for FEA and FCA account holders, allowing them to continue issuing cheques as usual.
These developments come amid a significant appreciation of the Ghana cedi. Bloomberg recently ranked it as the best-performing currency in the world, with a nearly 16% gain against the US dollar since April.
As of the close of trading on May 14, the average interbank rates showed the US dollar buying at GH₵12.44 and selling at GH₵12.45. The British pound was buying at GH₵16.55 and selling at GH₵16.57, while the euro was trading at GH₵13.95 (buy) and GH₵13.96 (sell).
The strengthening of the cedi has triggered calls from various stakeholders urging businesses to adjust prices of goods and services to reflect the improved exchange rate.
