By: Belinda Nketia
The Bank of Ghana (BoG) has issued a new directive halting the payment of foreign currency (FCY) cash to large corporates unless such transactions are backed by prior FCY cash deposits.
In a notice dated August 20, 2025, the central bank said it had observed a growing trend where bulk oil distribution companies, mining firms, and other large players withdraw foreign currency cash not directly supported by deposits. According to the Bank, this practice puts avoidable pressure on the foreign exchange market and undermines stability.
With immediate effect, banks are required to discontinue such payments unless they are fully covered by equivalent cash deposits with the same institution. They must also retain proper documentation to verify the source of funds for every payout.
While addressing the crucial role of large corporates in sustaining petroleum supply, mineral exports, and other sectors of the economy, the Bank assured that it has put mechanisms in place, together with government, to provide the needed foreign exchange liquidity for legitimate import obligations.
The directive aims to safeguard market stability and ensure uninterrupted supply chains. The Bank warned that non-compliance will attract regulatory sanctions and urged industry associations to ensure their members adhere strictly to the new policy.
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