Ghanaian commercial banks have begun applying a 5% fee on foreign exchange withdrawals, following the latest directives from the Bank of Ghana (BoG). The levy affects accounts funded via transfers or cheque deposits, while cash-funded accounts remain exempt, marking a significant shift in the country’s approach to forex management.
The new charge is part of the Central Bank’s revised reporting requirements on foreign currency cash transactions, aimed at tightening oversight of forex flows, discouraging speculative withdrawals, and promoting cash-based deposits. This move is expected to influence how individuals and businesses manage their foreign currency accounts, particularly those relying heavily on international transfers and remittances.
Importers, exporters, and everyday account holders who regularly access funds from their foreign currency accounts are likely to feel the impact. Frequent withdrawals under the new guidelines now require careful planning, as the additional 5% fee could affect operational costs and personal financial management.
As part of the updated regulations, banks must submit detailed utilisation reports to the BoG for every withdrawal not funded by physical cash deposits. The reports must clearly state the purpose and intended use of the withdrawn funds. Banks importing foreign currency cash must also declare the purpose of importation and provide post-importation reports on fund usage.
The directive forms part of broader anti-money laundering measures and compliance with Ghana’s revised foreign currency thresholds — $10,000 for inbound travellers and $50,000 for outbound travellers. In response, the Importers and Exporters Association of Ghana has recommended that members rely on credit or Visa cards during travel rather than carrying large cash sums, ensuring they remain compliant with the central bank’s new rules.
source: citi newsroom