The Bank of Ghana (BoG) has issued a public notice to clarify its position on foreign exchange withdrawals, assuring Ghanaians that there are no changes to the current rules. The notice, dated May 15, 2025, and signed by Secretary Sandra Thompson, aims to eliminate confusion and reaffirm the central bank’s commitment to upholding existing policies under the Foreign Exchange Act, 2006 (Act 723).
According to the statement, individuals with Foreign Exchange Accounts (FEA) and Foreign Currency Accounts (FCA) can continue to access their funds without restriction. The Bank clearly stated:
“Over-the-counter (OTC) cash withdrawals in foreign currency from Foreign Exchange Accounts (FEA) and Foreign Currency Accounts (FCA) are allowed.”
For those without FEA or FCA accounts who need foreign currency for travel outside Ghana, the Bank reiterated that such transactions are still permitted, but within a regulated limit.
“For non-FEA and non-FCA account holders, forex purchases for travel outside Ghana are allowed but capped at US$10,000 or its equivalent per person per trip,” the notice said.
It further explained that this must be supported by a valid passport, visa, and a confirmed travel ticket in accordance with an earlier directive, BOG Notice BG/GOV/SEC/2014/09.
The BoG also reassured account holders that cheque-related transactions remain unaffected:
“Cheques and cheque books may continue to be issued on FEA and FCA accounts.”
Putting to rest any speculation about potential policy shifts, the Bank was firm in its position:
“The Bank has not contemplated reviewing these existing measures.”
In conclusion, the central bank urged all financial institutions and members of the public to take due notice and act accordingly.
“All banks and the public are advised to take note and comply accordingly,” the statement read
