The Bank of Ghana (BoG) has directed commercial banks, with immediate effect, to halt the payment of foreign currency cash to large corporates if such payments are not backed by deposits.
According to the Bank of Ghana, commercial banks can only process such transactions if they are “fully supported by equivalent foreign cash deposits lodged by the same institution at the Bank.”
The directive was outlined in a notice issued by the Bank of Ghana on August 20, 2025, to commercial banks and the general public.
Reasons
The Bank of Ghana explained that the directive was influenced by a growing practice where large corporates—such as bulk oil distribution companies, mining companies, and similar entities—withdraw foreign currencies that are not directly funded by prior foreign currency deposits.
The Bank noted that this practice “exerts avoidable pressure on the foreign exchange market and undermines efforts to ensure stability.” It added that, in partnership with the government, mechanisms have been put in place to source and provide foreign exchange liquidity to meet the legitimate import obligations of large corporates.
“These measures are designed to safeguard market stability while ensuring that vital supply chains remain uninterrupted,” the Bank stated.
The Bank also reminded businesses of its commitment to supporting large corporates, recognising their critical role in sustaining petroleum supply, mineral exports, and other essential sectors of Ghana’s economy.
Sanctions
The Bank of Ghana warned that it will not hesitate to sanction any commercial bank that fails to comply with the directive, stressing 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,” it added.
Source: Joy Business
