The Bank of Ghana (BoG) has instructed all commercial banks to stop making foreign currency cash payments to large corporate clients unless those transactions are backed by actual foreign currency deposits, effective August 21, 2025.
In a directive issued on August 20, 2025, the BoG emphasised that banks may only process such payments if they are fully supported by equivalent foreign cash deposits from the same corporate client, held at the Bank of Ghana.
This move is aimed at curbing a growing trend where large corporates such as bulk oil distributors, mining firms, and other major entities withdraw foreign currency without having deposited equivalent amounts.
According to the BoG, this practice places unnecessary strain on the foreign exchange market and threatens the country’s efforts to maintain currency stability.
To address the legitimate needs of these businesses, the BoG, in collaboration with the government, has implemented new measures to ensure adequate foreign exchange liquidity is available to meet essential import requirements.
“These measures are designed to protect the stability of the foreign exchange market while ensuring that critical supply chains, including petroleum and mineral exports, remain uninterrupted,” the Bank stated.
The BoG reaffirmed its commitment to supporting large corporates, acknowledging their vital role in Ghana’s economic infrastructure.
However, it also issued a strong warning indicating that any commercial bank that fails to comply with this directive will face regulatory sanctions.
“We expect full and immediate compliance from all banks, our shared goal is to ensure that Ghana’s foreign exchange resources are used responsibly, efficiently, and transparently,” the BoG stated.
