Bank of Ghana Affirms Permitted Foreign Currency Cash Withdrawals from Accounts

The Bank of Ghana has reaffirmed that over-the-counter (OTC) cash withdrawals in foreign currency from both Foreign Exchange Accounts (FEA) and Foreign Currency Accounts (FCA) are fully permitted . It also clarified that customers without FEA or FCA may purchase foreign currency for travel purposes up to a cap of US $10,000 (or its equivalent) per person, per trip .

• FEA and FCA holders: Customers who maintain Foreign Exchange Accounts or Foreign Currency Accounts may continue to make OTC withdrawals in any foreign currency without restriction .

• Non-FEA/FCA customers: Those without designated forex accounts can still buy currency for overseas travel, subject to a maximum limit of US $10,000 per individual per journey .

All forex purchases for travel must be backed by:

1. A valid passport.

2. A valid visa for the destination country.

3. A confirmed round-trip or onward travel ticket.
   

   These prerequisites are stipulated under BOG Notice No. BG/GOV/SEC/2014/09 .

The Bank’s statement further confirmed that both cheques and cheque books continue to be issued on FEA and FCA accounts, ensuring customers retain full transactional flexibility .

The Bank of Ghana emphasized that it has no plans to amend these existing measures and urged all commercial banks and the public to comply strictly with the current guidelines . These provisions are enforced under the Bank of Ghana’s mandate granted by the Foreign Exchange Act, 2006 (Act 723) and its associated notices .