Ghana Allows Over-the-Counter Foreign Exchange with Cap

(3 Minutes Read)

A statement issued in Accra and signed by  Sandra Thompson, the Bank’s Secretary, said that for non-FEA and non-FCA account holders, forex purchases for travel outside Ghana were allowed but capped at USD 10,000 or its equivalent per person per trip.   

The Bank of Ghana says Over-the-counter (OTC) cash withdrawals in foreign currency from Foreign Exchange Accounts (FEA) and Foreign Currency Accounts (FCA) are allowed.

A statement issued in Accra and signed by Ms Sandra Thompson, the Bank’s Secretary, said that for non-FEA and non-FCA account holders, forex purchases for travel outside Ghana were allowed but capped at US$10,000 or its equivalent per person per trip.

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It said this must be supported by a valid passport, visa, and confirmed travel ticket as indicated in BOG Notice No. BG/GOV/SEC/2014/09.  The statement said cheques and cheque books may continue to be issued on FEA and FCA accounts.