The Ghana Association of Bankers (GAB) has clarified that banks have not received any official directive from the Bank of Ghana (BoG) to suspend over-the-counter foreign currency withdrawals.

This statement comes in response to recent remarks by BoG Board Member, Dr. Isaac Adongo, who suggested this restriction during an interview on JoyNews' PM Express.

The GAB Chief Executive, John Awuah, said he "can say on authority that as a community of banks, we do not have any directive that bars over-the-counter withdrawal of USD or any foreign currency."

Mr Awuah stated that banks only act on formal BoG directives, not individual board members' comments.

"And another point I want to make is we need to be very careful here, and with all due respect to the board member who spoke, Dr Isaac Adongo, that as banks, we do not take instructions from individual board directors of Bank of Ghana, never. We do not take instructions from directors of the board. We take instructions from the bank, the bank here being the Bank of Ghana, under the pen of the Governor," he said on JoyNews Prime.

He explained that while customers still need legitimate reasons to withdraw foreign currencies, there is no blanket prohibition in place.

"You cannot just show up and withdraw foreign currency without justification. But there is no blanket prohibition," he added.

Mr Awuah emphasized the formal channels of communication between banks and the central bank.

"With all due respect to Dr. Adongo, we do not take instructions from board directors. Our directives come from the Bank of Ghana under the Governor's authority."

The GAB CEO also commented on the broader economic context, noting recent improvements in currency stability.

"We've witnessed fantastic currency performance. As a community, we must help sustain this stability," he said, urging public cooperation in maintaining the cedi's gains.

This clarification follows months of BoG efforts to stabilize the local currency, including tightened regulations, as the cedi continues to appreciate against the dollar.