Commercial banks in Ghana have started implementing a 5% charge on foreign exchange withdrawals, in line with new directives from the Bank of Ghana.
The fee applies to foreign currency accounts funded via transfers or cheque deposits, while accounts credited through cash deposits are exempt from the charge.
The measure is part of the Central Bank’s updated guidelines on foreign currency transactions, aimed at tightening control over forex flows, curbing speculative activity, and promoting cash-based deposits.
Under the revised rules:
- Banks must submit a utilisation report to the Bank of Ghana for every foreign currency withdrawal not backed by physical cash deposits, explaining the purpose and use of the funds.
- Banks wishing to import foreign currency cash must declare the reason for importation and later provide a post-importation utilisation report.
These new requirements are part of broader anti-money laundering efforts and seek to enforce compliance with Ghana’s revised limits on foreign currency holdings:
- $10,000 for inbound travellers
- $50,000 for outbound travellers
In response to the new regulations, the Importers and Exporters Association of Ghana is advising its members to opt for credit or Visa cards when travelling instead of carrying large amounts of cash, to avoid penalties or scrutiny under the central bank’s directives.
