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The Bank of Ghana has clarified its board member Isaac Adongo claims that the central bank has restricted withdrawal in foreign currency.
The Member of Parliament for Tamale Central claimed that the Bank of Ghana will only allow dollars withdrawal if it is going to be used for a dollar-denominated transaction but the BoG is saying otherwise.
In a statement signed by the Secretary of the BoG, Ms Sandra Thompson said their rules and regulations remain the same.
According to the Bank of Ghana, “Over-the-counter (OTC) cash withdrawals in foreign currency from Foreign Exchange Accounts (FEA) and Foreign Currency Accounts (FCA) are allowed”
“For non-FEA and non-FCA account holders, forex purchases for travel outside Ghana are allowed but 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 as indicated in BOG Notice no. BG/GOV/SEC/2014/09” Part of the statement read.
The BoG further urged the banks and the public to take note of the update.
Below is the full statement:
NOTICE ON FOREIGN EXCHANGE WITHDRAWALS:
“Pursuant to the Bank of Ghana’s mandate under the Foreign Exchange Act, 2006 (Act 723) and associate notices, the Bank of Ghana wishes to inform the public as follows;
- Over-the-counter (OTC) cash withdrawals in foreign currency from Foreign Exchange Accounts (FEA) and Foreign Currency Accounts (FCA) are allowed.
- For non-FEA and non-FCA account holders, forex purchases for travel outside Ghana are allowed but 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 as indicated in BOG Notice no. BG/GOV/SEC/2014/09
- Cheques and cheque books may continue to be issued on FEA and FCA accounts.
- The bank has not contemplated reviewing these existing measures.
All banks and the public are advised to take note and comply accordingly.
Source: Elvisanokyenews.net
