The Ghana Bankers Association (GBA) has dismissed recent claims that over-the-counter (OTC) withdrawals of foreign currencies, particularly U.S. dollars, may soon be restricted in banks and financial institutions across the country.
The clarification comes in response to comments by Bolgatanga Central MP and Bank of Ghana (BoG) Board Member, Isaac Adongo, who recently suggested that the central bank was considering tighter controls on dollar withdrawals to stabilize the cedi.
However, John Awuah, President of the GBA, refuted these claims during an interview on the Citi Breakfast Show on Thursday, May 15, 2025, insisting that no such directive has been issued by the central bank.
“We have not received any directive from the Bank of Ghana that bars the withdrawal of foreign currency over the counter. As we have been operating in the past, as it is today, it will be the same tomorrow until such a directive is formally communicated to us,” Awuah emphasized.
He added that banks in Ghana continue to operate under the provisions of the Foreign Exchange Act, 2006 (Act 723), which outlines the legal framework for foreign currency transactions in the country.
“No part of the existing regulatory framework, including Act 721 of 2006 and subsequent directives from the Bank of Ghana, currently prohibits over-the-counter foreign exchange withdrawals,” he said.
Awuah also stressed that banks would continue to serve customers with legitimate foreign currency needs, provided they meet the necessary due diligence requirements.
“Obviously, you cannot just walk to a bank and say, ‘I want to withdraw dollars.’ There are processes involved, and if you have a legitimate reason for needing foreign currency, you will get it. It’s your money,” he assured.
The GBA’s response aims to allay public concerns over potential disruptions to forex access, as the country continues to grapple with economic pressures, including currency volatility and inflation.
Bank of Ghana officials have yet to comment on the matter, but the GBA’s statement is expected to reassure both businesses and individual account holders concerned about their ability to access foreign funds.
