Commercial banks in Ghana have begun implementing a 5% charge on foreign exchange withdrawals, following new directives issued by the Bank of Ghana (BoG).
The fee applies specifically to foreign currency accounts funded through electronic transfers or cheque deposits, while accounts credited with physical cash deposits remain exempt.
This measure forms part of the Central Bank’s revised guidelines on charges and reporting requirements for foreign currency transactions.
The goal is to strengthen oversight of foreign exchange flows, discourage speculative withdrawals, and promote cash-based deposits, which are considered more traceable.
The move is expected to have a significant impact on importers, exporters, and individuals who rely heavily on international transfers and remittances.
Many of these account holders frequently withdraw foreign currency, and will now face higher costs as a result of the new policy.
In addition to the withdrawal levy, the guidelines now require commercial banks to submit detailed utilisation reports to the Bank of Ghana for any withdrawal from a foreign currency account that is not backed by a physical cash deposit.
These reports must clearly state the purpose and use of the withdrawn funds.
Furthermore, banks seeking to import foreign currency must now declare the intended purpose of the import in their request.
After the currency is brought into the country, they must also provide a post-importation report outlining how the funds were utilised.
These new rules are part of broader efforts to enhance compliance with anti-money laundering regulations and enforce Ghana’s revised limits on foreign currency holdings.
Currently, inbound travellers are permitted to carry up to $10,000 in cash, while outbound travellers are allowed up to $50,000.
In response to the directive, the Importers and Exporters Association of Ghana has advised its members to avoid carrying large sums of cash when travelling.
Instead, they are encouraged to use credit and Visa cards to avoid breaching the Central Bank’s new requirements.
