The Ghana Association of Bankers (GAB) has clarified that customers with foreign exchange accounts can still withdraw US dollars over the counter, contrary to recent claims suggesting otherwise.
The clarification comes after Dr. Isaac Adongo, a board member of the Bank of Ghana, claimed in a media interview that customers were no longer allowed to access dollar cash from their accounts unless the funds were intended for specific international transactions such as travel or imports. He said customers were often given the cedi equivalent instead.
“You can’t just take dollars over the counter from a dollar account; you’ll be given the cedi equivalent instead,” Dr. Adongo said during an interview with Joy News. “Dollars should be spent abroad, not locally. If you want to buy fufu, you’ll be given cedis.”
Responding to these comments, the Executive Director of the Ghana Association of Bankers, Mr. John Awuah, rejected the claim, emphasizing that no such directive has been issued by the Bank of Ghana.
“Nothing has changed. You can still walk into your bank and withdraw dollars from your foreign exchange account, provided you have a legitimate reason,” Mr. Awuah said. “There is no blanket prohibition.”
He stressed that commercial banks take instructions directly from the Bank of Ghana under formal communication signed by the Governor, not from individual board members.
“With all due respect to Dr. Adongo, as banks, we do not take instructions from individual board directors of the Bank of Ghana,” Mr. Awuah stated.
He explained that while banks do request documentation when customers want to purchase dollars with Ghana cedis — for example, for international travel or imports — this should not be confused with access to personal funds already held in dollar accounts.
“You cannot just show up and withdraw foreign currency without justification. But again, there is no blanket prohibition,” he reiterated.
Mr. Awuah advised the public to rely on official communication from the central bank for accurate information on foreign exchange matters, noting that all banks are bound by the regulator’s formal directives.
