Banks Enforce 5% Levy on Forex Withdrawals Under BoG’s Revised Guidelines

Banks Enforce 5% Levy on Forex Withdrawals Under BoG’s Revised Guidelines

Commercial banks in Ghana have begun implementing a 5 percent charge on foreign exchange withdrawals, in line with new directives from the Bank of Ghana (BoG) aimed at tightening oversight of forex transactions.

The levy applies to foreign currency accounts credited through transfers or cheque deposits, while accounts funded with physical cash deposits are exempt. The central bank’s revised framework on charges and reporting requirements seeks to discourage speculative withdrawals and encourage cash-based deposits.

The measure is expected to impact importers, exporters, and individuals who rely heavily on international transfers and remittances for foreign exchange withdrawals.

Additional compliance measures

Under the new guidelines, banks are required to submit a utilisation report to the BoG for every foreign currency withdrawal not funded with physical cash, detailing the purpose and use of the funds.

Furthermore, commercial banks intending to import foreign currency cash must declare the purpose of importation in their requests and subsequently file a post-importation utilisation report explaining how the funds were deployed.

The rules are part of Ghana’s broader anti-money laundering and forex control measures, which include revised thresholds on foreign currency holdings — $10,000 for inbound travellers and $50,000 for outbound travellers.

In response, the Importers and Exporters Association of Ghana has advised its members to opt for credit and Visa cards when travelling, rather than carrying large sums of cash, to avoid regulatory breaches.