Bankers Association Dismisses Claims of Imminent Dollar Withdrawal Ban
Accra, May 15, 2025 – The Ghana Bankers Association has firmly denied reports suggesting that banks and financial institutions in Ghana are about to impose restrictions on over-the-counter (OTC) withdrawals of foreign currencies, especially U.S. dollars.
This comes in response to remarks made by Isaac Adongo, Member of Parliament for Bolgatanga Central and a Board Member of the Bank of Ghana (BoG), who recently hinted that the central bank was considering new controls on dollar withdrawals in a bid to stabilise the Ghanaian Cedi.
However, John Awuah, President of the Bankers Association, clarified that no such directive has been issued by the Bank of Ghana.
“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 directive is formally communicated to us,” Mr. Awuah stated on the Citi Breakfast Show on Thursday.
He emphasized that banks continue to operate under Act 721 of 2006, alongside any updates issued by the Bank of Ghana, none of which currently restrict OTC foreign currency withdrawals.
“None of those directives stipulates the barrment or discontinuation of over-the-counter foreign exchange withdrawal. There is a process,” he stressed.
While acknowledging the existence of due diligence protocols, Mr. Awuah noted that legitimate account holders would still have full access to their foreign currency.
“Obviously, you cannot just walk to a bank and say ‘I want to withdraw Dollars’. You would be asked questions.
If you have a legitimate need… you will get it. If you want to purchase foreign currency for a legitimate transaction, you will be able to do so,” he assured.
The clarification aims to calm public concerns over currency access and underscores that no changes have been made to existing withdrawal procedures.
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