Bank of Ghana Maintains Cap on Foreign Exchange Withdrawals and Travel Forex Purchases

Spread the love

The Bank of Ghana (BoG) has reaffirmed existing measures regulating foreign exchange withdrawals and forex purchases for international travel, in accordance with the Foreign Exchange Act, 2006 (Act 723).

In a public notice issued on May 15, 2025, and signed by the Secretary of the Bank, Ms. Sandra Thompson, the BoG clarified that over-the-counter (OTC) cash withdrawals in foreign currency from Foreign Exchange Accounts (FEA) and Foreign Currency Accounts (FCA) remain permissible.

The statement also reiterated that forex purchases by individuals without FEA or FCA accounts for travel outside Ghana are allowed but capped at US\$10,000 or its equivalent per person, per trip. This transaction must be supported by a valid passport, visa, and a confirmed travel ticket, in line with earlier guidance stated in BoG Notice No. BG/GOV/SEC/2014/09.

THIS IS TRENDING:   "Second Phase of Planting For Food and Jobs Program Holds Promise for Ghana's Food Security," Says Akufo-Addo

In addition, the issuance and use of cheques and cheque books on FEA and FCA accounts are still allowed.

The BoG also emphasized that it has not considered any changes to these policies at this time, urging all financial institutions and the public to continue complying with the existing framework.

About Juventus Kantaayel

Check Also

Ato Forson Warns Payroll Officers Over 14,000 Ghost Names

Spread the love   Finance Minister Dr. Cassiel Ato Forson has issued a strong warning …