The Ghana Bankers Association has refuted claims that banks are planning to restrict over-the-counter (OTC) withdrawals of foreign currencies, particularly U.S. dollars.
This clarification comes after Isaac Adongo, Member of Parliament for Bolgatanga Central and a Board Member of the Bank of Ghana (BoG), suggested that the central bank was preparing to tighten controls on dollar withdrawals to stabilize the cedi.
However, John Awuah, President of the Ghana Bankers Association, dismissed the claims, stating that no such directive has been issued by the BoG.
“We have not received any directive from the Bank of Ghana that bars the withdrawal of foreign currency over the counter. As we have been operating in the past, as it is today, it will be the same tomorrow until such a directive is formally communicated to us”.
He emphasized that banks continue to operate within the existing legal framework, including Act 721 of 2006, and reassured the public that legitimate foreign currency transactions remain unaffected.
“Obviously, you cannot just walk into a bank and say, ‘I want to withdraw dollars.’ You would be asked questions. If you have a legitimate need for which reason you need a foreign currency account, you will get it—it is yours. If you want to purchase foreign currency from the bank for a legitimate transaction, you will be able to do so,” he added.
