The Bank of Ghana has moved to dispel growing concerns over a supposed shortage of dollars in the financial system, assuring that it has sufficient reserves to support commercial banks and legitimate business transactions.
Contrary to recent reports, the central bank clarified that it has not run out of dollar cash. Rather, delays and challenges some clients face when accessing their Foreign Currency Accounts (FCAs) stem from strict enforcement of foreign exchange laws by commercial banks. These regulations mandate comprehensive documentation before any forex withdrawal or transfer is approved.
A senior official at the BoG explained to JOYBUSINESS, “Last week, someone was complaining about delays in forex transfer. We investigated, only to find out that his documentation was inadequate.”
“We want to make sure that all these withdrawals and transfers are backed by the required and adequate documentations. The Bank of Ghana has a duty to manage Ghana’s forex reserves prudently,” the official added. “Commercial banks will not carry out these transfers if they are not backed by the right documentation.”
Background to the Issue
Concerns over dollar availability first emerged at the Graphic Business/Stanbic Bank Breakfast Meeting, where the President of the Ghana Union of Traders Association (GUTA), Dr. Joseph Obeng, raised alarms about difficulties in accessing dollars through commercial banks. The issue has affected not only traders but also individual account holders with dollar-denominated savings.
In response, GUTA issued a press release stating that the BoG has assured it of adequate dollar reserves and promised to engage with commercial banks to resolve any perceived shortage.
GUTA also urged the business community to remain calm as the central bank works to address the situation.
Banks Launch Internal Investigations
Chief Executive of the Ghana Association of Banks, John Awuah, disclosed on PM Express Business Edition that the association has started its own probe into why some clients are encountering difficulties accessing their FCAs or executing dollar transfers.
Mr. Awuah pledged to provide further updates following a review scheduled for the week after the July 17, 2025, program. He also cautioned against large over-the-counter dollar withdrawals, citing best practices from other countries.
“We should understand that the dollar is not our currency and any time one wants to withdraw, that has to be justified,” he said. “Go to countries like Ivory Coast, and you cannot withdraw US$2,000 over the counter. Commercial banks are in a position to facilitate transactions without the need to physically withdraw cash.”
