BoG Clarifies Over-the-Counter Dollar Withdrawals Remain Unchanged
According to the BoG's recent directives, individuals can withdraw up to $1,000 or its equivalent in foreign currency per transaction over the counter from their Foreign Exchange Accounts (FEA) and Foreign Currency Accounts (FCA). This measure is part of the central bank's efforts to stabilize the cedi and manage foreign exchange resources effectively. It's important to note that while the over-the-counter withdrawal limit is set at $1,000 per transaction, travelers are permitted to withdraw up to $10,000 per travel, and individuals can transfer up to $10,000 annually without documentation. Rationale Behind the Policy The BoG's decision to maintain the over-the-counter dollar withdrawal limit at $1,000 per transaction is rooted in its commitment to ensuring monetary stability and curbing speculative activities that could adversely affect the local currency. By regulating foreign currency withdrawals, the central bank aims to promote responsible foreign […]