OTC cash withdrawals in foreign currency are allowed – BoG assure – Nsemkeka

OTC cash withdrawals in foreign currency are allowed – BoG assure – Nsemkeka

The Bank of Ghana has given clarification over whether the Over-the-Counter Cash Withdrawals in Foreign Currency from Foreign Exchange Accounts (FEA) and Foreign Currency Account FCA are allowed.

This was captured in statement issued by the Central Bank.

According to the statement, OTC cash withdrawal in FEA and FCA is allowed. This is in line with Bank of Ghana’s mandate under the Foreign Exchange Act, 2006 (Act 723) and associated notices.

The Central bank also added that “ Cheques and cheque books may continue to be issued on FEA and FCA accounts”.

A board member of the Central Bank,  Isaac Adongo in an interview with Joy News Editor, Evans Mensah on PM EXPRESS announced that the Central Bank would intensify restrictions on Over-the-Counter (OTC) withdrawals in US dollar from financial institutions as part of efforts to curb cedi depreciation.

He stressed, “The Central Bank’s role includes regulating the use of our legal tender. When you request dollars, we’ll provide cedis instead.”

BoG’s Caution

However, the Central Bank in the statement pointed out that  “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”.

“This must be supported by a valid passport, visa, and confirmed travel ticket as indicated in earlier notice”, it added in the notice.