Hot SourceCommercial banks in Ghana have started applying a 5 percent fee on specific foreign currency cash withdrawals, in compliance with a directive from the Bank of Ghana (BoG). The measure, which took effect this month, affects accounts not funded with physical foreign currency deposits.
The BoG directive forms part of its Revised Charges and Reporting Requirements on Foreign Currency Cash Transactions. It instructs banks to levy a 5 percent charge on cash withdrawals made from accounts that were funded by transfers or cheque deposits. Accounts funded directly with foreign currency cash deposits remain exempt from the charge.
Under the same directive, banks are required to submit utilisation reports to the BoG for each eligible withdrawal, providing details of how the withdrawn funds will be used.
The central bank has also issued Notice No. BG/GOV/SEC/2025/24, which directs banks to discontinue foreign currency cash payments to large corporates unless those transactions are fully backed by prior foreign currency cash deposits. This notice applies to sectors including bulk oil distribution, mining companies, and other large users of foreign currency.
In line with these requirements, commercial banks have sent notices to customers. One such message reads:
“Dear Valued Customer, In line with the Foreign Currency Cash Withdrawals directive from Bank of Ghana, please be informed that effective Monday, September 22, 2025, a 6.5% charge shall be applied to all foreign currency cash withdrawals on accounts not funded with cash. Withdrawals on accounts funded with cash remain free. Thank you for banking with us.”
Banks have advised customers to take note of the charges and ensure they understand how their foreign currency accounts are funded to avoid unexpected deductions when making withdrawals.
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