The Bank of Ghana (BoG) has clarified that over-the-counter (OTC) cash withdrawals in foreign currency from Foreign Exchange Accounts (FEA) and Foreign Currency Accounts (FCA) are allowed.

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This clarification comes after a board member of the central bank, Isaac Adongo, noted that the central bank is set to introduce a number of measures to quell the magnitude of over-the-counter US dollar withdrawals.

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Isaac Adongo noted that this measure, coming at a time when the cedi is recording a significant amount of appreciation against major foreign currencies, forms part of the bank’s role to regulate the use of the legal tender.

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Speaking in an interview on JoyNews’ PM Express, he said; “If you put your dollars in the bank account, it is okay. We are happy with that; you can only get dollars if indeed you are going to use them for a dollar-denominated transaction.”

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The Member of Parliament of Bolgatanga Central added; “When you request dollars, we'll provide cedis instead."

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However, the BoG has noted in a press statement dated May 15 that "the Bank has not contemplated reviewing these existing measures."

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The central bank has also announced that it has capped the forex purchases for travel outside Ghana by non-FEA and non-FCA account holders at US$10,000 or its equivalent per person per trip.

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"This must be supported by a valid passport, visa, and confirmed travel ticket as indicated in BOG Notice No. BG/GOV/SEC/2014/09Cheques and cheque books may continue to be issued on FEA and FCA accounts," the statement added.

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The Ghana cedi has been recognized by Bloomberg as the world’s best-performing currency, having appreciated nearly 16% against the US dollar since April.

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The average interbank rates used by commercial banks for transactions at the close of business, 14th May, show the US dollar buying at GH₵12.44 and selling at GH₵12.45. The British pound is buying at GH₵16.55 and selling at GH₵16.57. The euro is currently being bought at GH₵13.95 and sold at GH₵13.96.

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Following the appreciation of the cedi, there have been calls by stakeholders for traders to revise the prices of the goods and services to reflect the gains.

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