No ban on over-the-counter dollar withdrawals – Bankers Association

The Ghana Bankers Association has refuted claims suggesting an imminent restriction on over-the-counter (OTC) withdrawals of foreign currencies, particularly U.S. dollars, from banks and financial institutions in Ghana.

This clarification follows recent comments by Isaac Adongo, Member of Parliament for Bolgatanga Central and a Board Member of the Bank of Ghana (BoG), who indicated that the central bank was preparing to tighten controls on dollar withdrawals to help stabilise the Ghanaian Cedi.

However, the President of the Bankers Association, John Awuah, stated categorically that no such directive has been issued by the Bank of Ghana.

Speaking on the Citi Breakfast Show on Thursday, May 15, 2025, Mr. Awuah said:

“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 directive is formally communicated to us, the mode of operations for foreign accounts in Ghana.”

Mr. Awuah reaffirmed that banks remain guided by the existing legal and regulatory framework, and that no official changes have been made to affect the public’s ability to access foreign currency.

“We operate under Act 721 of 2006, which may undergo some review, but that is the guiding act, as has been updated with notices and directives from the Bank of Ghana.
None of those directives stipulates the barrment or discontinuation of over-the-counter foreign exchange withdrawal, there is a process.”

He acknowledged that due diligence procedures are in place, but stressed that account holders with legitimate needs can still access foreign currency as usual.

“Obviously, you cannot just walk to a bank and say ‘I want to withdraw Dollars’. You would be asked questions.
If you have a legitimate need for which reason you need a foreign currency account, you will get it, it is yours.
If you want to purchase foreign currency from the bank to undertake a legitimate transaction in foreign currency you will be able to do so,” he added.