The Bank of Ghana has issued a public notice clarifying rules regarding the withdrawal of foreign currencies, such as US dollars, from banks. According to the notice, individuals with Foreign Exchange Accounts or Foreign Currency Accounts can still withdraw foreign currencies over the counter.
The Bank of Ghana has reaffirmed that individuals without these accounts can purchase foreign currency for travel purposes, up to $10,000 or its equivalent, per person per trip, upon presentation of a valid passport, visa, and confirmed travel ticket. This policy, introduced in 2014, aims to facilitate legitimate foreign exchange transactions.
Additionally, banks are permitted to issue cheques and cheque books for foreign currency accounts, allowing account holders to access their funds as usual. The Bank of Ghana emphasizes that it has not introduced any changes to these rules and encourages banks and the public to adhere to the guidelines.
The clarification aims to dispel misinformation and ensure that individuals understand the regulations governing foreign currency transactions in Ghana. By providing clear guidance, the Bank of Ghana seeks to promote transparency and stability in the foreign exchange market.
Overall, the Bank of Ghana’s clarification provides welcome certainty for individuals and businesses, and helps to promote a stable and transparent foreign exchange market in Ghana.
