The Bank of Ghana (BoG) has moved decisively to tighten foreign exchange controls by ordering all banks to immediately stop paying out foreign currency cash to large Corporates, unless such withdrawals are directly funded by prior deposits.
In a notice issued on Wednesday, August 20, 2025 the central bank expressed concern over the growing practice of foreign currency (FCY) cash withdrawals by bulk oil distribution companies, mining firms and similar large institutions, which it said was exerting “avoidable pressure” on the foreign exchange market and threatening stability.
“Accordingly, with immediate effect, all banks are directed to discontinue the payment of FCY cash to Large Corporates unless such transactions are fully supported by equivalent FCY cash deposits lodged by the same institution,” the statement, signed by Aimee V. Quashie for the Secretary, read.
The BoG explained that banks must retain proper documentation for every pay-out to ensure transparency and traceability of funds, warning that any breaches of the directive will attract regulatory sanctions.
While stressing its commitment to stability, the Bank underscored the importance of large Corporates to the economy, particularly in petroleum supply, mineral exports, and other critical sectors.
To prevent disruptions, the BoG said it had partnered with the government to establish mechanisms to provide foreign exchange liquidity for legitimate import obligations.
“These measures are designed to safeguard market stability while ensuring that vital supply chains remain uninterrupted,” the notice stated.
The central bank further called on all relevant industry associations to ensure that their members strictly comply with the directive.
The move comes amid heightened scrutiny of Ghana’s foreign exchange management, as authorities battle to protect the cedi from sharp depreciation in the face of persistent demand pressures.
