Commercial banks in Ghana have begun enforcing a 5% fee on foreign exchange withdrawals, following new guidelines from the Bank of Ghana.
The levy applies to foreign currency accounts funded through transfers or cheque deposits, while accounts credited with cash deposits remain exempt.
The move being implemented under the Central Bank’s revised charges and reporting requirements on foreign currency cash transactions is to tighten oversight of forex flows, discourage speculative withdrawals and encourage cash-based deposits.
With this development, importers, exporters, and individuals dependent on international transfers and remittances, who frequently withdraw from foreign exchange accounts are going to be heavily impacted.
Other FX measures
Under the revised guidelines, banks must now submit a utilisation report to the central bank for every foreign currency withdrawal not funded with physical cash deposits, clearly outlining the purpose and use of the funds.
Additionally, banks seeking to import foreign currency cash must declare the purpose of importation in their requests and provide a post-importation utilisation report detailing how the funds were deployed.
The new rules form part of broader anti-money laundering measures and are designed to enforce compliance with Ghana’s revised thresholds on foreign currency holdings — $10,000 for inbound travellers and $50,000 for outbound travellers.
Already, the Importers and Exporters Association of Ghana has urged its members to use credit and Visa cards when travelling, rather than carrying large sums of cash to avoid running afoul of the central bank’s directive.
