Bank of Ghana Bans Foreign Currency Cash Payments to Large Corporates

Accra, August 20, 2025 — The Bank of Ghana (BoG) has directed all banks to immediately halt foreign currency (FCY) cash payments to large corporations unless such transactions are fully backed by equivalent foreign currency deposits lodged with the same institution.

In a statement issued on Wednesday, August 20, 2025, the central bank expressed concern over the rising trend of foreign currency cash withdrawals by large corporates, including bulk oil distribution companies and mining firms, that are not directly funded by prior FCY deposits. According to the BoG, this practice places undue pressure on the foreign exchange market and threatens efforts to maintain 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 notice read. Banks are also required to retain proper documentation to confirm the source of funds for every payout.

The central bank reassured businesses of its commitment to supporting the operations of large corporations, acknowledging their critical role in sustaining petroleum supply, mineral exports, and other vital sectors of the economy. It added that, in partnership with the government, mechanisms have been put in place to provide foreign exchange liquidity to meet legitimate import obligations of large companies.

“These measures are designed to safeguard market stability while ensuring that vital supply chains remain uninterrupted,” the BoG emphasized.

The Bank further called on all banks to comply strictly with the directive and to cooperate fully to ensure available foreign exchange resources are applied efficiently and transparently. It also warned that non-compliance would attract regulatory sanctions.

The notice, signed by Aimee V. Quashie for the Secretary, also urged relevant industry associations to bring the directive to the attention of their members and ensure adherence.