Isaac Adongo, the Member of Parliament for Bolgatanga Central and a board member of the Bank of Ghana (BoG), has announced that the central bank will soon enforce stricter regulations on the withdrawal of US dollars over the counter at financial institutions.
This move is aimed at curbing the depreciation of the Ghanaian cedi by limiting unnecessary demand for foreign currency.
Speaking during an interview with Evans Mensah on Joy News, Adongo clarified that although some dollar withdrawals are currently permitted under existing rules, a near-total suspension will soon take effect, allowing only a few exceptions. He explained that while individuals may continue to deposit dollars into their bank accounts, withdrawals will only be permitted if they are clearly for legitimate dollar-denominated transactions.
“We’re fine with people keeping dollars in their accounts, but you can only withdraw them if you are going to use them for a legitimate foreign transaction,” Adongo stated. According to a report by myjoyonline.com, he added, “The central bank is responsible for regulating our legal tender, so when someone asks for dollars, we will instead provide the equivalent in cedis unless the transaction qualifies.”
Adongo expressed confidence that this move will help stabilise the exchange rate, especially after the cedi was recently recognised as the best-performing currency globally. He noted that reducing speculative dollar withdrawals and limiting access to dollars for domestic use would strengthen the local currency further.
“You will see the results reflected in the dollar rate,” he said. “Dollars deposited in bank accounts will be released only for legitimate foreign transactions. Dollars are intended to be spent abroad, not locally.”
The cedi remained stable at around GH₵15.50 to the US dollar between February and April 2025, before appreciating significantly to GH₵13.10 in early May – its strongest level in a year.
Analysts from Databank Research attribute part of this performance to the partnership between Goldbod and nine mining firms. Under this agreement, payments are made in cedis, and 20% of the expected monthly gold output (about 200 kg) is reserved for local purchase before being exported.
