The Bank of Ghana (BoG) has reaffirmed its existing guidelines on foreign exchange withdrawals, stating that over-the-counter (OTC) cash withdrawals in foreign currency from Foreign Exchange Accounts (FEA) and Foreign Currency Accounts (FCA) remain permissible.
In a statement issued on Wednesday, May 15, 2025, the central bank clarified that individuals without FEA or FCA accounts can still purchase forex for travel purposes, but the amount is capped at $10,000 or its equivalent per person per trip. Such transactions must be backed by a valid passport, visa, and confirmed travel ticket, in line with earlier directives outlined in BoG Notice No. BG/GOV/SEC/2014/09.
Additionally, the Bank confirmed that cheques and cheque books may continue to be issued on both FEA and FCA accounts.
“The Bank has not contemplated reviewing these existing measures,” the statement emphasized, urging all banks and members of the public to adhere strictly to the current foreign exchange regulations.
The move appears to be aimed at maintaining stability within the foreign exchange market and preventing potential misuse of foreign currency withdrawals amidst ongoing economic pressures.
The BoG issued the notice pursuant to its mandate under the Foreign Exchange Act, 2006 (Act 723), which governs foreign exchange operations in the country.
