BoG bans foreign currency cash payments without matching deposits to stabilize FX market

BOG directs banks to halt foreign currency cash payments to large corporates

The Bank of Ghana (BoG) has ordered banks to stop giving out foreign currency cash to large corporates unless the withdrawals are backed by equivalent deposits. According to the central bank, it has become concerned about the increasing practice where companies, such as Bulk Oil Distribution Companies and mining firms, withdraw large amounts of foreign currency without first depositing cash in the same currency. It said this practice puts pressu…

BoG halts unsupported foreign currency payments to large firms amid FX market pressures - Live Ghana TV

The Bank of Ghana (BoG) has, with immediate effect, directed all banks to cease the payment of unsupported foreign currency (FCY) cash to large corporations as part of measures to ease pressure on the foreign exchange market. A statement issued by the central bank on 20 August, signed by Secretary Aimee V. Quashie, expressed concern about the growing practice of large cash withdrawals by corporations without corresponding prior FCY cash deposit…

BoG bans foreign currency cash payments without matching deposits to stabilize FX market

The Bank of Ghana has issued a firm directive to all banks to immediately stop foreign currency cash payments to large corporate clients unless these transactions are supported by actual foreign currency deposits. In a notice dated August 20, 2025, the central bank stated that banks may only process such payments when they are “fully […] The post BoG bans foreign currency cash payments without matching deposits to stabilize FX market appeared fi…

BoG halts unsupported foreign currency payments to large firms amid FX market pressures

The Bank of Ghana has banned unsupported foreign currency cash payments to large corporations to reduce pressure on the FX market, warning banks of sanctions for non-compliance.