By: Benjamin Nii Nai Anyetei
Commercial banks across Ghana have started implementing a 5 percent levy on foreign exchange withdrawals, in line with new guidelines issued by the Bank of Ghana (BoG).
The directive applies to foreign currency accounts funded through electronic transfers or cheque deposits. However, accounts credited with direct cash deposits are exempt from the charges.
According to the Central Bank, the measure is part of its revised framework on foreign currency transactions, aimed at tightening oversight of forex flows, discouraging speculative withdrawals, and promoting cash-based deposits.
The new charge is expected to significantly affect importers, exporters, and individuals who rely heavily on international transfers and remittances. Such account holders often make large withdrawals in foreign currency to support trade and personal obligations.
Under the revised rules, banks are now required to:
Submit a utilisation report to the BoG for every foreign currency withdrawal not funded with physical cash deposits, clearly stating the purpose of the withdrawal.
Declare the intended purpose of importation when applying to bring in foreign currency cash.
Provide a post-importation utilisation report detailing how imported forex funds were deployed.
The BoG emphasized that these measures are part of Ghana’s broader anti-money laundering framework, and align with the revised thresholds on forex holdings: $10,000 for inbound travellers and $50,000 for outbound travellers.
The Importers and Exporters Association of Ghana has already advised its members to shift towards using credit and Visa cards when travelling abroad, instead of carrying large sums of cash, to avoid potential violations of the new rules.
The Central Bank maintains that the reforms are critical to ensuring transparency in Ghana’s forex market and stabilising foreign currency management.
