The Bank of Ghana (BoG) has noted that claims that Over-the-Counter (OTC) cash withdrawals in foreign currency from bank accounts have been banned are misleading.

In a press statement on May 15, the bank noted that withdrawals in foreign currency remain permissible under Ghana's existing foreign exchange regulations. "Over-the-Counter (OTC) cash withdrawals in foreign currency from Foreign Exchange Accounts (FEA) and Foreign Currency Accounts (FCA) are allowed," parts of the statement read.

This comes after the Member of Parliament for Bolgatanga Central, Isaac Adongo, who is also a Board Member of the Bank of Ghana noted, that the central bank was planning to intensify restrictions on OTC dollar withdrawals to help stabilise the Ghana cedi.

Reports have noted that the claims have triggered some forms of panic among the business community.