The African Policy Lens (APL) has called on the Bank of Ghana (BoG) to withdraw its directive suspending foreign currency cash payments to large corporates.

The Central Bank, on Wednesday, August 20, 2025, instructed banks to immediately halt such payments unless the transactions were backed by prior deposits from the same institutions.

In a press statement, APL described the directive as “draconian” and “regressive,” warning that it could inflict serious harm on the Ghanaian economy.

According to the think tank, the move shows the central bank is “more concerned with temporarily propping up the exchange rate rather than pursuing prudent and sustainable economic measures.”

APL argued that requiring companies such as Bulk Oil Distribution Companies (BDCs) and mining firms to make foreign cash deposits before accessing forex reflects “a lack of foresight and disregard for the operational realities of businesses and the welfare of Ghanaians.”

The group questioned how firms that do not transact in foreign currency are expected to generate such deposits, cautioning that the directive could drive businesses to the black market and undermine the very stability of the cedi that the BoG claims to protect.

APL concluded that the policy illustrates the Bank’s disconnection from its mandate and urged an immediate reversal of the decision.