BoG Directs Banks to Halt Unsupported Foreign Currency Cash Payments to Large Corporates
The Bank of Ghana (BoG) has issued a directive to commercial banks to immediately cease the practice of paying foreign currency cash to large corporates unless such payments are backed by equivalent deposits.
According to a notice issued by the central bank on August 20, 2025, commercial banks may only process such transactions if they are “fully supported by equivalent foreign cash deposits lodged by the same institution at the Bank.”
The BoG explained that the move follows the growing practice of large corporates—including bulk oil distribution companies, mining firms, and other entities—accessing foreign currencies without prior deposits.
The practice, it warned, exerts unnecessary pressure on the foreign exchange market and undermines efforts to stabilise the cedi.
“In partnership with government, mechanisms have been put in place to source and provide foreign exchange liquidity to meet the legitimate import obligations of large corporates,” the central bank noted, adding that the measures are aimed at safeguarding market stability while ensuring vital supply chains remain uninterrupted.
The Bank also reassured corporates of its continued support, citing their crucial role in sustaining petroleum supply, mineral exports, and other key sectors of the economy.
On enforcement, the BoG cautioned that any bank that flouts the directive will face regulatory sanctions.
“We expect all banks to comply strictly with this directive and to cooperate fully with the Bank of Ghana in ensuring that available foreign exchange resources are applied efficiently and transparently,” the notice stressed.
