The Bank of Ghana (BoG) has reiterated its existing guidelines on foreign exchange transactions, assuring the public that there are no changes to the current foreign currency withdrawal measures. This comes under the authority of the Foreign Exchange Act, 2006 (Act 723) and other related notices issued by the central bank.
In a public notice dated 15th May 2025 and signed by the Secretary, Ms. Sandra Thompson, the BoG confirmed that over-the-counter (OTC) cash withdrawals in foreign currency from Foreign Exchange Accounts (FEA) and Foreign Currency Accounts (FCA) remain permitted.
Additionally, the Bank clarified that individuals who do not hold FEA or FCA accounts can still purchase foreign exchange for travel purposes. However, such purchases are capped at a maximum of US$10,000 or its equivalent per person per trip. To access this facility, applicants must provide valid documentation, including a passport, a visa, and a confirmed travel ticket. This policy aligns with an earlier directive captured in BoG Notice No. BG/GOV/SEC/2014/09.
The BoG also confirmed that cheques and cheque books will continue to be issued on FEA and FCA accounts, allowing account holders access to standard banking instruments within these accounts.
In the statement, the Bank emphasised that it has not considered any review of these measures and urged all financial institutions and the general public to take note and adhere to the guidelines.
The reaffirmation by the Bank of Ghana is seen as part of its efforts to ensure stability and transparency in the foreign exchange market while supporting legitimate access to foreign currency for travel and business needs.
