Commercial banks have begun implementing a new Bank of Ghana (BoG) directive on foreign currency withdrawals, in line with the Revised Charges and Reporting Requirements on Foreign Currency Cash Transactions.
On September 11, 2025, some banks sent text messages to customers, informing them that “in line with BoG guidelines, there is a 5% withdrawal fee effective immediately” for certain foreign account transactions. The charge applies specifically to accounts funded through transfers or cheque deposits, while accounts funded with physical cash deposits remain exempt.
Bank of Ghana Directive
A circular issued by the BoG on August 27, 2025, and seen by Joy Business, outlined the following measures, effective August 25, 2025:
- A 5% fee will be charged on all foreign currency cash withdrawals from accounts not funded by physical deposits.
- Withdrawals from accounts funded by physical foreign currency deposits remain exempt from this fee, ensuring access to previously deposited cash without additional charges.
- Commercial banks are required to submit a utilisation report to the BoG for every foreign currency cash withdrawal that is not backed by a physical deposit. The report must detail how the withdrawn funds were purchased and used.
- For imported foreign currency, banks are also required to submit a utilisation report to the BoG, specifying how those funds were applied.
At this stage, it remains unclear what informed the introduction of the directive. However, it is believed to be part of broader regulatory measures aimed at tightening compliance with foreign exchange guidelines and stabilising the management of foreign currency transactions.
