No More Over-the-Counter Dollar Withdrawals – Adongo Announces Stricter BoG Measures

Isaac Adongo, a board member of the Bank of Ghana (BoG), has announced upcoming measures to significantly tighten restrictions on over-the-counter US dollar withdrawals from banks and other financial institutions. The move is aimed at stabilizing the local currency and curbing speculative activity.

Currently, individuals can withdraw limited amounts of dollars if they provide valid justification. However, under the new directive, such withdrawals will be heavily restricted, with very few exceptions allowed.

Speaking in a joy news  interview on PM Express with Evans Mensah, Adongo—who is also the Member of Parliament for Bolgatanga Central—stated:
“If you put your dollars in a bank account, that’s fine. But you’ll only be able to withdraw them if it’s for a legitimate, dollar-denominated transaction,” he said.

He emphasized that the BoG will strictly enforce the use of the Ghanaian cedi as the legal tender for domestic transactions. “When you request dollars, we’ll provide cedis instead,” Adongo said, reinforcing the central bank’s commitment to controlling foreign currency flow.Adongo expressed optimism that the initiative would help strengthen the cedi further, following its recent recognition as the world’s best-performing currency. “You’ll see the results reflected in the dollar rate,” he assured. “We’re cutting out dollar speculation via bank accounts. Foreign currency in local banks should be used strictly for genuine international transactions—not for local use.”