There is no BoG directive to halt dollar withdrawals – Bankers Association

The Ghana Association of Bankers (GAB) has firmly denied claims that the Bank of Ghana (BoG) has directed banks to suspend over-the-counter withdrawals of foreign currency.

This clarification follows recent comments by BoG Board Member Dr. Isaac Adongo, who suggested that such a restriction was in place.

Speaking on behalf of the banking sector, GAB Chief Executive John Awuah said: “I can say on authority that as a community of banks, we have not received any directive barring over-the-counter withdrawals of US dollars or any foreign currency”.

He stressed that banks act only on formal instructions from the central bank, not on statements from individual board members.

“With all due respect to Dr. Adongo, banks do not take instructions from individual directors of the BoG. We take directives only from the institution itself, under the authority of the Governor,” he emphasized.

Mr. Awuah clarified that while customers must provide valid reasons for foreign currency withdrawals, there is no blanket ban on such transactions.
“You can’t just walk in and withdraw foreign currency without justification but that’s not new, and it’s not a prohibition.”

He also pointed to recent improvements in currency stability, attributing the gains in part to effective regulatory efforts.

“We’ve seen strong performance from the cedi lately. It’s important that we all work together to maintain this momentum,” he added.

The Bank of Ghana has recently taken several steps to stabilize the cedi, including tightening foreign exchange regulations as the local currency continues to appreciate against the US dollar.