The Bank of Ghana (BoG) has released a public notice to explain the rules regarding the withdrawal of foreign currencies like US dollars from banks. This comes after some confusion about whether people can still take out dollars or other foreign currencies over the counter.
According to the notice, which was signed by the Secretary of the Bank, Ms. Sandra Thompson, the BoG clearly states that over-the-counter (OTC) cash withdrawals in foreign currencies are still allowed. This applies to people who have Foreign Exchange Accounts (FEA) or Foreign Currency Accounts (FCA) with banks in Ghana.
The Bank also reminded the public that people who do not have these types of accounts can still buy foreign currency for travel purposes. However, the maximum amount allowed is $10,000 or its equivalent in other currencies, and this is for each person per trip. To qualify, travelers must show a valid passport, visa, and a confirmed travel ticket. This rule is not new—it was part of a 2014 notice by the BoG.
Additionally, the BoG said that banks can continue to issue cheques and cheque books for foreign currency accounts. This means account holders can still use these services as usual.
Importantly, the Bank made it clear that it has not made any changes to these rules and is not planning to change them at this time.
The Bank of Ghana is encouraging all banks and members of the public to take note of these guidelines and follow them properly.
This announcement was made on 15th May 2025, and it is part of the Bank’s duty under the Foreign Exchange Act of 2006 to regulate and manage the use of foreign currency in Ghana.
The BoG hopes this will stop the spread of wrong information and ensure that people understand what they are allowed to do with foreign currency in the country.
