The Bank of Ghana has introduced a new directive aimed at stabilizing the foreign exchange market by tightening rules on foreign currency cash withdrawals for large companies.
The Central Bank, in a notice released on August 20, 2025, expressed concern over a growing trend where major corporations, including bulk oil distributors and mining firms, withdraw foreign currency cash without having made equivalent prior deposits.
According to the BoG, this practice puts “avoidable pressure” on the cedi and disrupts the foreign exchange market.
Per the new directive, banks are no longer permitted to provide foreign currency cash to large corporate clients unless those clients can demonstrate that the transaction is backed by an equivalent foreign currency cash deposit they previously made with the same bank.
The BoG emphasized that banks are required to maintain detailed records of the source of all funds paid out.
The directive, signed by Aimee V. Quashie, Secretary to the Bank of Ghana, clarified that the move is not intended to hinder business.
He advised banks to strictly adhere to the new rule, warning that non-compliance will lead to “appropriate regulatory sanctions”.
