The Bank of Ghana (BoG) has assured that it has adequate dollars to meet demand from commercial banks and businesses in the country.
The central bank has rejected reports suggesting shortage of “dollar cash” which has made it difficult for some commercial banks to meet request from clients who want to withdraw from their Foreign Currency Accounts.
Persons close to the Bank of Ghana have told JOYBUSINESS commercial banks are strictly enforcing the Foreign Exchange laws which require that the needed documentations are submitted to aid all “dollar transactions” and request coming from businesses.
For instance, a senior official at the Bank of Ghana told JOYBUSINESS that “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 senior official said.
“We should also understand that commercial banks will not carryout these transfers if it’s not backed by the right documentation”, the official added.
Background
The President of the Ghana Union of Traders Association (GUTA) Dr. Joseph Obeng at a recently organized Graphic Business /Stanbic bank Breakfast meeting, first raised the concerns about difficulties in getting dollars from commercial banks.
The complains have not only been restricted to businesses, as some individuals have also raised concerns that they are having challenges in withdrawing from their “dollar accounts”.
GUTA in press release, later explained that it has received some assurance from the Bank of Ghana of having enough dollars to supply to traders.
GUTA in the statement also said that the Bank of Ghana has promised to communicate with the commercial banks to find out the cause of the “perceive shortage” to solve the problem.
GUTA advised members of the business community and its members to keep calm as the central bank works to resolve the issues.
Commercial banks and dollar supply challenges
The Chief Executive of Ghana Association of Banks John Awuah has revealed that it has commenced its own investigations into the issue to establish why some clients are having challenges in getting access to their Foreign Currency Accounts as well as transfers to aid their works.
Mr. Awuah, who disclosed this on PM EXPRESS BUSINESS EDITION however promised to update the market the following week after the event which was held on July 17, 2025.
He, however advised against huge dollar withdrawals over the counter.
“We should understand that the dollar is not our currency and any time one wants to withdraw that has to be justified”, he emphasized.
He argued that “the commercial banks are always in a position to facilitate the transactions on behalf of businesses and there is no need for the cash to be withdrawn over the counter”.
“Go to countries like Ivory Coast and you cannot withdraw like US$2,000 over the counter”, he observed.
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