Only for Foreign Use: BoG Tightens Grip on Dollar Withdrawals

Ghana’s Central Bank is stepping up efforts to protect the local currency by ending over-the-counter (OTC) withdrawals of US dollars, according to Bank of Ghana board member and Bolgatanga Central MP Isaac Adongo.

In an upcoming interview on PM Express with Evans Mensah, Adongo confirmed that while Ghanaians can still deposit dollars into bank accounts, accessing them in cash over the counter will soon be highly restricted.

“If you’re going to use the dollars for a proper dollar-denominated transaction, that’s fine. But the days of taking dollars over the counter just to hold or speculate are over,” Adongo stated.

He emphasized that the move is part of broader efforts by the Central Bank to stabilize the cedi and clamp down on dollar hoarding, which has contributed to exchange rate volatility in the past.

“When people request dollars, the bank will now offer cedis instead unless they show proof of a legitimate foreign transaction,” Adongo explained. “Dollars are for international use, not for local trade or savings.”

This measure comes at a time when the Ghanaian cedi has been gaining impressive ground. From February to April 2025, the cedi held steady at around GH¢15.50 to the dollar, before strengthening to GH¢13.10 in early May—its strongest level in a year.

Analysts credit the surge to rising export revenues, especially from gold. Ghana exported over $2.3 billion worth of gold between January and February 2025, the highest two-month total in over a decade.

In addition, a new deal with nine mining companies has helped stabilize demand for dollars by requiring part of their monthly gold sales to be settled in cedis.

Adongo expressed confidence that further tightening of dollar access will help keep the cedi strong and reduce pressure on foreign reserves.

“This is how we stop speculation and protect our currency. We want to keep the cedi strong—and this is one step forward.”