By: Alexander Afriyie
The Bank of Ghana has released a notice outlining new guidelines for foreign exchange withdrawals. According to the notice, over-the-counter (OTC) cash withdrawals in foreign currency from Foreign Exchange Accounts (FEA) and Foreign Currency Accounts (FCA) are allowed.
However, for non-FEA and non-FCA account holders, forex purchases for travel outside Ghana are 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.
The Bank of Ghana has also stated that cheques and cheque books may continue to be issued on FEA and FCA accounts. The new guidelines are effective immediately, and all banks and the public are advised to take note and comply accordingly.
The notice was signed by Sandra Thompson, Secretary of the Bank of Ghana, on May 15, 2025. Alexander Afriyie