By Francis Kobena Tandoh
The Bank of Ghana (BoG) said on Thursday that over-the-counter (OTC) cash withdrawals in foreign currency from bank accounts are allowed, according to a statement from the Central Bank released here.
The statement signed by the bank’s Secretary, Ms. Sandra Thompson comes amid public speculation and political commentary across the country about a possible clampdown on dollar access in the country by the government.
The BoG reaffirmed that withdrawals in foreign currency remain possible under the country’s 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,” stated the Central Bank.
The BoG also announced that account holders with non-FEA and non-FCA may also purchase foreign exchange for travel purposes up to a maximum of Ten Thousand United States dollars or 10,000 USD or its equivalent per person per trip provided the transaction is supported by a valid passport, visa, and confirmed travel ticket, in line with BoG Notice No. BG/GOV/SEC/2014/09.
“Cheques and cheque books may continue to be issued on FEA and FCA, added the Central Bank reinforcing the continuity of banking services in foreign currency accounts,” it added.
The Bank also observed that there has been no review to the existing regulations neither has it contemplated reviewing the measures.
“The Bank has not contemplated reviewing these existing measures. All banks and the public are advised to take not and comply accordingly,” it further stated.
Board Member of the Bank of Ghana and Member of Parliament (MP) for the Bolgatanga Central, Isaac Adongo suggested recently the Central Bank was planning to intensify restrictions on OTC dollar withdrawals to help stabilize the local currency, the cedi.
Meanwhile, the cedi continues its strong performance against the major trading currencies. Enditem
Source: Ghana Eye Report
Find the statement released by the Bank of Ghana below:
