The Bank of Ghana has issued a firm directive to all banks to immediately stop foreign currency cash payments to large corporate clients unless these transactions are supported by actual foreign currency deposits.
In a notice dated August 20, 2025, the central bank stated that banks may only process such payments when they are “fully supported by equivalent foreign cash deposits lodged by the same institution at the Bank and must retain proper documentation to confirm the source of funds for every payout.”
The move comes in response to what the BoG describes as a growing trend among large corporations including bulk oil distributors, mining firms, and similar entities who withdraw foreign currency without making corresponding deposits.
This practice, the central bank noted, “exerts avoidable pressure on the foreign exchange market and undermines efforts to ensure stability.”
To address this, the BoG said it has been working with the government to ensure that the legitimate import needs of these corporations are met through coordinated efforts to source foreign exchange liquidity.
“These measures are designed to safeguard market stability while ensuring that vital supply chains remain uninterrupted,” the BoG emphasized.
While acknowledging the essential role of large corporates in Ghana’s economy, the regulator stressed the need for a more disciplined approach to foreign exchange management. “The Bank remains committed to supporting the operations of large corporates, recognizing their critical role in sustaining petroleum supply, mineral exports, and other essential sectors of Ghana’s economy,” it said.
The BoG further warned that banks failing to comply with the directive will face penalties, noting that “non-compliance will attract appropriate regulatory sanctions.”
“We expect all banks to comply strictly with this directive and to cooperate fully with the Bank of Ghana in ensuring that available foreign exchange resources are applied efficiently and transparently,” the notice concluded.
By Esinu Adza, 3Business
