In response to recent remarks by Bank of Ghana (BoG) Board Member Dr. Isaac Adongo – who suggested suspending over-the-counter foreign currency withdrawals, the Ghana Association of Bankers (GAB) has indicated that banks have not received any official directive from the Bank of Ghana.
GAB Chief Executive John Awuah said banks only act on formal BoG directives, not individual board members’ comments. Meanwhile, the Bank of Ghana (BoG) has clarified that existing rules on foreign exchange withdrawals remain unchanged as it moves to clear up any confusion on the matter.
The central bank made it clear that it has not made any changes to these measures, despite speculation in the public space.
This clarification follows months of BoG efforts to stabilise the local currency – including tightened regulations – as the cedi continues to appreciate against the dollar.
Indeed, BoG’s clarification is timely amid public speculation and political commentary about a possible clampdown on dollar access in the country. Mr. Adongo had suggested that the central bank is planning to intensify restrictions on OTC dollar withdrawals to help stabilise the Ghana cedi.
“The Bank has not contemplated reviewing these existing measures. All banks and the public are advised to take note and comply accordingly.”
The currency has seen some appreciation in recent weeks, as demand for U.S. dollars remains strong for importers, travellers and international businesses.
According to Bank of Ghana board member Isaac Adongo, the move is a strategy to neutralise speculative dollar demand and reduce pressure on the local currency by limiting access to physical dollars.
The cedi, which hovered around GH₵15.50 to the US dollar earlier in the year, staged an impressive rally to GH₵13.1 by early May 2025 – its strongest level in over a year.
