As part of measures to control foreign currency exchange market, commercial banks have started enforcing a new directive from the Bank of Ghana on foreign currency withdrawals.
The directive is coming from the Revised Charges and Reporting Requirements on Foreign Currency Cash Transactions directive from the Bank of Ghana.
A text message sent from some of the commercial banks on 11 September 2025 informed their clients that “in line with BoG guidelines, there is a 5% withdrawal fee effective immediately”.
It added that this is on foreign accounts funded by transfer or cheque deposits while foreign accounts funded with cash deposits are exempted.
A letter from the Bank of Ghana to the commercial banks dated August 27, 2025, however, stated the following updates regarding foreign currency accounts effective 25 August 2025:
A charge of 5% shall be applied to all foreign currency cash withdrawals made from account balances not funded with physical deposits.
The letter further reminded the commercial banks that they are now required to submit a utilisation report to the Bank of Ghana for each withdrawal of foreign currency cash not funded with physical cash deposits.
It added that “the report must clearly indicate the purchase and usage of withdrawn funds”.
The letter to the Banks stated that following the importation, banks are also requested to submit a utilisation report to the Bank of Ghana, detailing how the imported funds were used.
It is unclear for now what might have influenced this directive from the Bank of Ghana and whether this is part of several actions the regulator has taken to ensure that all the players abide by foreign exchange guidelines and regulations.
This follows the International Monetary Fund’s (IMF) endorsement of the Bank of Ghana’s strict enforcement of foreign exchange regulations and guidelines.
According to the IMF, these actions and measures are needed to “broaden financial integrity compliance with anti-money laundering rules and broader transparency in the FX [forex] market”.
The Director of Communications at the IMF, Julie Kozack, was responding to a question posed by some journalists during a press conference in Washington DC, USA, on 11 September 2025.
Mrs Kozack argued that these directives “are intended to reinforce the role of the cedi as the sole legal tender in the country”.
“They’re meant to tighten controls on foreign currency transactions and to promote formal channels for the provision of remittances and trade,” the Director of Communications at the IMF stated.
