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 proceed with such transactions if they are “fully supported by equivalent foreign cash deposits lodged by the same institution at the Bank.”

The directive was contained in a notice issued by the Bank of Ghana on August 20, 2025, to commercial banks and the general public.

Reasons

According to the Bank of Ghana, the directive was influenced by a growing practice where large corporates (e.g. bulk oil distribution companies, mining companies, and other similar entities) withdraw foreign currencies that are not directly funded by prior foreign currency deposits.

The Bank of Ghana explained that the 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 of Ghana stated.

The Bank reminded businesses that it remains committed to supporting the operations of 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.