Over-the-counter Cash Withdrawals In Foreign Currency Allowed- BoG

The Bank of Ghana (BoG) has clarified that no ban has been placed on Over-the-counter (OTC) cash withdrawals in foreign currency from Foreign Exchange Accounts (FEA) and Foreign Currency Accounts (FCA).

According to the Bank, this remains valid under the Foreign Exchange Act, 2006 (Act 723).

Additionally, it noted that forex purchases for non-FEA and non-FCA account holders for travel outside Ghana are allowed but capped at US$10,000 or its equivalent per person per trip, while this must be supported by a valid passport, visa, and confirmed travel ticket.

Also, cheques and cheque books may continue to be issued on FEA and FCA accounts.

The Central Bank, in a statement, noted that there has not been any contemplation on reviewing these existing measures.

Clarity became necessary after Mr Isaac Adongo, a member of the Bank’s Board, indicated that commercial banks were limiting over-the-counter dollar withdrawals to specific international transactions such as travel or imports.

Source: opemsuo.com/Hajara Fuseini